COPPER MINES UNAFFECTED BY CHILE EARTHQUAKE
DATE: 18/04/2012
A strong earthquake that rocked Chile eastern coast hasn’t affected the Copper mines. Chile reported a quake of 6.5 magnitudes on richer scale. However major mine companies like Codelco and Anglo America said that their operations continued as usual and were not affected by the quake. After the news there was a marginal spike in copper prices but soon that eradicated.
The London Metal Exchange Copper three month forward prices are seen trading at $ 8056 per ton, as against $ 8015 per ton on Tuesday. The prices slipped below $ 7950 per ton this week but yesterday’s news of IMF revising world economic growth forecast to 3.5% for 2012 as against 3.3% has resulted in some buying. The trend looks weak for Copper as IMF believes that the Chinese construction activity will continue to face challenges, though the overall world economy will continue to revive by a mix of advanced and emerging economies.
POWERED BY: COMMODITY INSIGHTS
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