COMEX Copper futures and their counterpart on MCX have been facing a tough session on Tuesday. The prices have been moving sharply lower even after it was reported that the workers in Peru Antamina has started the strikes. The fall has probably come due to the discounting of news in the past sessions.
On Monday, workers at Peru’s Antamina copper mine downed tools, beginning the first indefinite strike in the mine’s history. Operations have been partially affected at the mine, and as the largest copper mine in Peru. Copper production at Antamina has dipped due to lower grades this year, but the mine has still been running at an impressive rate of 30,000 tonnes per month.
The other factor for the markets to go down is that the analysis of the strike on the supplies is yet to be made, and with calls coming for markets of Copper moving into surplus next year, the strike is hardly making any ripples in the trading wing.
MCX Copper when last checked exchanged hands at Rs 408.45 per kg. The prices have broken crunch supports at Rs 410 per kg. On the higher side, the potential for Copper moving above Rs 420 has fizzled as of now. On COMEX, Copper for December expiry was trading at $2.99 per pound, down 2 cents.