Copper is up on the day despite the fact that workers at Freeport-McMoRan Copper & Gold’s Grasberg mine in Indonesia say that they expect to sign an agreement with the company over the next few days to end a three-month strike, says Edward Meir, metals analyst at FCStone. “Just as the strike had limited impact in driving prices higher when it was on, its resolution is not exerting much downside pressure either, as given the current state of affairs, copper supply variables seem to have receded in importance vs. ongoing concern about demand,” he says.
Source:Kitco
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