Copper rose as Union strike starts at MMG’S Peru Las Bambas copper mine.
Copper witnessed a notable 0.86% increase, settling at 717.6, propelled by a three-day strike initiated by the workers’ union at Peru’s major Las Bambas copper mine, owned by China’s MMG Ltd. This labour action raised concerns about potential disruptions to copper supply, contributing to the upward momentum in prices. Additionally,
the weakening U.S. dollar, reaching a two-month low, played a significant role as traders reconfirmed their belief that U.S. interest rates have peaked, shifting focus to the potential for rate cuts by the Federal Reserve. China’s commitment to supporting the property sector, a significant consumer of copper and other base metals, added further support to the market.
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