Copper prices fell on Friday (24/6) from 7-week highs in the previous session due to more conservative results from a referendum on whether Britain should leave the European Union.
According to leaks, official referendum results showed a very small margin for the stay.
The overall result is too close to call, making the price of copper and other metals fluctuate in a volatile session, an analyst at UBS in Melbourne Lachlan Shaw said.
Copper for three-month futures on the London Exchange fell 0.4% to $ 4,760 / ton. Copper prices hit their highest level since the date of 06/5 at $ 4,795 / tonne in the previous session.
Prices on the rise to 4.6% – a weekly gain, in line with last week of April, while the dollar fell after expectations that the US will delay the next rate hike as the economy fell in First quarter.
Applications for US unemployment benefits fell last week to near 43-year lows, shows the resilience of the labor market, although employers fell sharply in May.
The price of copper on the Shanghai Exchange fell compared with the previous increase of 1.3% to 36 510 yuan / tonne ($ 5,543 / t), still up 0.8%.
Add a situation too much supply on the global mine, Zambia’s copper production will increase by 5.5% to 750,000 tonnes this year and output is expected to double to 1.5 million tons in 2017, mining Minister Christopher Yaluma said on Thursday (23/6).
In the Philippines, the new minister in charge of mining closed mines are exploited, describing it as “crazy” even considering the method in resource-rich countries due to the environmental impact.
The Philippines is the largest nickel ore supply to China, used to produce stainless steel.
Companies mining giant BHP Billiton BHP.AX BLT.L Australia’s prolonged debt refinancing plan of $ 500 million for equipment for the coal mines of Australia’s largest export, after the bank was not want to lend to the sector.
Source: VITIC / Reuters