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Copper futures end lower despite supply threat in Chile

26 May 2021 Evaluate

Copper futures ended lower on Tuesday despite supply threat in Chile, the world’s biggest producer of copper, where a union representing workers at BHP Group's Escondida and Spence copper mines would seek to start a strike after government labour officials tried but failed to mediate an agreement. However, growing Chinese demand and weakness in US dollar supported copper prices and capped the fall.

Copper futures for July delivery fell $0.0190 to settle at $4.5065 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 0.29 percent at $9,918 a ton.