MTECHTIPS:-Copper prices slump as Indonesia’s Grasberg mine resumes
MTECHTIPS:-Copper prices slump as Indonesia’s Grasberg mine resumes production
MTECHTIPS-Copper prices slumped in Asia on Tuesday as a strike at a key Indonesian mine has ended,. Reuters reported that Freeport Mc Mo Ran’s Indonesian unit has resumed production of copper concentrate at its giant Grasberg mine. Attention is now focused on a weeks-long strike in Chile at the Escondida copper mine run by Australia’s BHP Billiton (LON:BLT). Copper for May delivery on the Comex division of the New York Mercantile Exchange dropped 1.02% to $2.628 a pound on the news. Elsewhere, gold for April delivery on the Comex fell 0.46% to $1,228,35 a troy ounce. Overnight, gold prices traded higher on Monday, supported by a slump in dollar, which is on track for a fourth session of losses, after G 20 financial leaders failed to make a case for open and free global trade while more dovish than expected Fed comments last Wednesday concerning rate hikes continued to support the yellow-metal. Chicago Fed President Charles Evans said the central bank will likely wait until June to decide on the next rate hike in comments made ahead ofa slate of Fed policymaker remarks due on Tuesday.
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