Copper prices tested 18 month highs in MCX on Monday facilitated by positive triggers from Chile and participation of long positions. MCX Copper gained more than 1% during the day to test a high of Rs 349 per kg and ended at Rs 347.35 per kg up Rs 3. Copper stocks rose on Monday by 75 tonnes to 502400 tonnes.
Workers at Chile`s Chuquicamata, the world`s second biggest copper complex, began a strike over pay early on Monday, a union leader said, hitting output from global No. 1 producer Codelco. Codelco sources have estimated the Chuquicamata complex in far northern Chile, which includes the Chuquicamata and Mina Sur deposits and produces around 4 percent of the world`s mined copper, will lose up to 1,800 tonnes of copper output per day and cost the state around $8 million per day in lost revenue. Chuquicamata was expected to produce 565,000 tonnes of copper in 2009.
Source : Capital Market