[miningmx.com] – COPPER rose as much as 0.6% as some of the world’s largest producers of the metal closed mines in Chile amid rains that cut off roads and flooded towns, said Bloomberg News.
“Copper supply expectations have been revised again after news that rains in Chile forced mines shut,’ Fang Junfeng, an analyst at Shanghai Cifco Futures told the newswire. “The market is entering a peak consumption season in the northern hemisphere,’ he said.
Codelco, the world’s biggest copper producer, shut all of its Atacama mines while Lundin Mining closed its Candelaria mine and Pan Pacific Copper shut Caserones. Antofagasta said its Michilla and Centinela mines were closed, while its biggest mine, Los Pelambres, continued to operate, according to a company official.
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