Copper Futures Prices
The demand and supply equation for copper could soon be in flux, as concerns over the possibility of a miners' strike at the state-owed Codelco’s Chuquicamata copper mine in Chile caused copper prices to surge to their highest price level in 16 months.
Talks evidently broke down today and a strike is tentatively planned for January 4.
Copper prices experienced a record gain in 2009 based on tight supplies and strong demand; especially from emerging markets in need of raw materials to continue building and expansion.
Copper futures prices rose to $3.3465, a gain of 15 cents, a record on the New York Mercantile Exchange’s Comex unit.
China has been the chief driver of copper prices, as they imported a record amount during the first half of 2009, helping to double the price of copper for the year.
With emerging markets faring better than mature economies, copper prices are expected to continue to rise in 2010 as copper demand continues to grow and copper supply remains constricted.
Copper Futures Prices
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