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Chilean strike drives copper to record - Globe and Mail
Globe and Mail reports copper hit a record high on Thursday on the back of a strike in Chile and tin also climbed to an all-time peak fuelled higher by supply concerns in Indonesia and China. Three-months copper hit a record high of $8,870 per ton, breaching its previous peak of $8,820 set in March. "The market has been aware of lower grades and production issues, principally because of water and energy, and if you add strikes to this then there is no chance that Chilean production is going to increase this year," said John Meyer, head of resources at Fairfax IS. "There are severe shortages on the horizon so copper over $10,000 per tonne is looking extremely likely," he said... "It is unlikely the supply side issues will disappear any time soon," Michael Jansen at JP Morgan said, adding the price looked likely to go higher.