Copper prices are surging on Wednesday after new US economic data propelled the industrial metal to a
May copper futures rose $0.061, or 2.34%, to $2.673 per pound at 16:37 GMT on Wednesday on the New York Mercantile Exchange. Copper prices suffered a 1% drop on Monday and posted small gains on Tuesday.
The industrial metal rose amid a glowing US jobs outlook from the ADP National Employment Report. The preview of the
After a holiday break, China, the world’s largest buyer of industrial metals, returned to buying.
The red metal has benefited this year from a weaker greenback as the US dollar has dipped to
Copper’s rise comes as Chile, the world’s biggest producer of copper, was urged by industry leaders to adopt new technologies and improve labor relations in order to continue its global standing. Despite controlling
Speaking at CRU World Copper Conference in Santiago this week, Danny Malchuk, president of operations at BHP Billiton’s Minerals Americas, told the audience that Chile needs to implement these strategies to remain competitive.
If we [do not] take a proactive approach, the copper industry in Chile will reduce its global position in the next 25 years in line with the diminishing quality of our assets.
Gold is taking a hit midweek. June gold futures dipped $9.30, or 0.74%, to $1,249.10 per ounce.
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