CAPITAL MARKETS

Copper at highest point since 2011

The copper price has risen to its highest point in 10 years amid continuing demand and supply concerns, following reports of strike action threatened by port workers in Chile.

Staff reporter
 Freeport-McMoRan’s El Abra copper operations in Chile

Freeport-McMoRan’s El Abra copper operations in Chile

Copper closed up almost 2% on the London Metal Exchange to US$9,771 per tonne yesterday.

Marex Spectron's Alastair Munro said copper was at levels last seen in 2011, the year copper reached an all-time high of $10,190/t.

Copper major Freeport-McMoRan is trading near a multi-year high, closing up 6.87% in New York after last week reporting strong March quarter results.

In London, Antofagasta gained 4.3% in London and Glencore rose 3.36%.

Barrick Gold closed down 0.9% in Toronto, with gold worth about $1,780 an ounce on the spot market.

Also in Toronto, Roxgold rose 15.1% on news of its circa C$1.1 billion acquisition by Fortuna Silver Mines. 

Fortuna closed down 18%.

The Johannesburg Stock Exchange is closed today for Freedom Day.

Finally, market futures were mostly positive at the time of writing.

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