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Geopolitical factors move copper, iron ore

Northern hemisphere market sentiment was dented with US retail sales figures lower than expected and Brexit negotiations continuing.
Geopolitical factors move copper, iron ore Geopolitical factors move copper, iron ore Geopolitical factors move copper, iron ore Geopolitical factors move copper, iron ore Geopolitical factors move copper, iron ore

Antofagasta’s Antucoya copper mine in Chile

Staff reporter

US and UK market indices closed lower while most Asian markets were positive yesterday.

Copper staged a "modest pick-up" yesterday afternoon on the London Metal Exchange, to close down 0.7%.

The move came amid reports of workers at Antofagasta's Antucoya mine in Chile set to strike, following a strike which began this week at Teck's Carmen de Andacollo mine and the Peruvian government declaring a state of emergency on the road linking MMG's Las Bambas mine to the port, Marex Spectron's Dee Perera noted.
 
Dalian iron ore futures hit a six-week low yesterday as China's top steel making city Tangshan issued a second-level smog alert which requires operations to be further limited, Reuters reported, and the country outlined its annual winter anti-pollution plan.

Among the majors, Rio Tinto (LSE: RIO) closed 1.7% lower in London yesterday, Newmont Goldcorp (NYSE: NEM) rose 0.4% in New York and BHP (ASX: BHP) was down 2.5% at the time of writing.

Finally, the gold price was US$1,488 an ounce on the spot market while palladium has hit a fresh high on the spot market of $1,753/oz.