The copper price climbed to the highest since 2011 as the global recovery from the pandemic extended a rally in metals markets— and as port workers in Chile called a strike.
Copper for delivery in May was up 2% on Monday, with futures at $4.4425 per pound ($9,795 a tonne) on the Comex market in New York.
Top producer Glencore’s shares were up 3.3% on Monday, while Freeport-McMoRan was up 6.6% in New York. Vale, BHP, and Rio Tinto shares were also up around 1.5%, also benefitting from an iron ore price jump.
Click here for an interactive chart of copper prices
Port workers in Chile, which accounts for about a quarter of the world’s copper supply, called a strike for Monday in response to President Sebastian Pinera’s move to block a bill allowing people to make a third round of early withdrawals from their pension funds.
“The threat of covid-19 in nations in South America could hamper the export of key industrial commodities like iron ore and copper,” Gavin Wendt, senior resource analyst at MineLife Pty, told Bloomberg.
Goldman Sachs said recently copper price can surge to $15,000 by 2025.