Supply worries to support Copper price By Yash Sawant, Angel Broking
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Below are Quote On Supply worries to support Copper price By Mr. Yash Sawant, Research Associate, Angel Broking Ltd.
Supply worries to support Copper price
The negotiations between the workers at BHP’s Escondida & Spence Copper mine took a turn for worse after the Union representing workers rejected the latest offer made by the company and threatened of strike beginning from Thursday.
Spence produced 146700 tonnes of Copper in 2020 while the world’s largest Copper deposit, Escondida, production stood at 1.19 million tonnes in the similar time frame.
Worries over a potential strike comes inline with a probable hike in mining taxes at major Copper producing nations like Chile & Peru. Disrupted supply in times of recovery in global demand might be supportive for Copper prices.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
