{"id":1121746,"date":"2019-06-18T19:33:42","date_gmt":"2019-06-18T19:33:42","guid":{"rendered":"https:\/\/www.mining.com\/?p=994072"},"modified":"2019-06-18T19:33:42","modified_gmt":"2019-06-18T19:33:42","slug":"copper-price-surges-as-supply-worries-return","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1121746","title":{"rendered":"Copper price surges as supply worries return"},"content":{"rendered":"

The price of copper surged on Tuesday after a strike at one of the largest copper mines in the world and optimism about a ceasefire in the trade war between the world\u2019s two largest economies.<\/p>\n

In afternoon trading in New York, copper for delivery in July touched a high of $2.7125 a pound ($5,980 a tonne), up 2.5% from Monday\u2019s settlement. Copper is now trading back in positive territory for 2019 although the bellwether metal has lost 18.7% of its value measure from highs hit in June last year.<\/p>\n

Chile\u2019s state owned copper giant Codelco said on Monday that its Chuquicamata mine had maintained output at 50%<\/a> of capacity as it faced its fourth full day of a union strike. The mine produced just under 321kt tonnes of copper in 2018, representing around 5.5% of Chilean annual output.<\/p>\n

Sentiment was also buoyed after US president Donald Trump promised an “extended meeting” with Chinese President Xi Jinping at the G20 meeting taking place in Japan next week.<\/p>\n

Trump tweeted that he had “a very good telephone conversation,\u201d with Xi and that the countries’ trade negotiating teams “will begin talks prior to [the] meeting\u201d.<\/p>\n

According to a recent World Bank report,<\/a>\u00a0the value of global trade for\u00a02019 has been revised down a full percentage point, to 2.6% \u2014 slightly below the pace observed during the 2015-16 trade slowdown and the weakest since the global financial crisis.\u00a0\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Optimism US-China trade talks are back on track also lifts sentiment.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1121746"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1121746"}],"version-history":[{"count":1,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1121746\/revisions"}],"predecessor-version":[{"id":1121747,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1121746\/revisions\/1121747"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1121746"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1121746"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1121746"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}