Base metals contracts on LME extended their rally because of supply concerns due to curbs on metal industries by China and violent clashes at Grasberg mine in Indonesia. Hundreds of Freeport Mcmoran employees staged protests on Saturday, burning four cars belonging to the employees of the company, news reports said. The incident has reportedly halted mining operations at the world's leading mining company. A weak dollar index also lifted prices of base metals as it makes purchase of dollar-denominated base metals cheaper for holders of other currencies. Three-month aluminium contract and zinc contract were at $2,094 per tn, and $3,172 per tn, respectively, both up 1.5% from previous close. The zinc contract had hit 10-year high of $3,147 per tn Thursday. Aluminium prices rose following closure of illegal capacities in China. The three-month copper contract was at $6,515 per tn, up 0.5% from previous close.
Source: Newswire
More will update soon!!
