Copper declines as Indonesia's Grasberg mine resumes output

Copper declines as Indonesia's Grasberg mine resumes output

On Tuesday, copper prices tumbled in Asia, as a strike at a major Indonesian mine has ended.

Reuters informed that Freeport McMoRan's Indonesian unit has already resumed its copper production at its Grasberg mine. Currently, traders are paying attention to a weeks-long strike in Chile at the Escondida copper mine owned by Australia's BHP Billiton.

In New York, May delivery copper futures dipped 1.02%, trading at $2.628 a pound on the news.

Additionally, April delivery gold futures sagged 0.46%, trading at $1,228,35 a troy ounce.

Overnight, gold dipped, backed by a tumble in the greenback, which is on track for the fourth session of drops, after G20 financial leaders didn’t manage to make a case for open and free global trade. Besides this, more dovish than expected Fed comments as for rate lifts kept backing the number one precious metal.

By the way, a tumble in the greenback also backed gold, as this commodity is dollar denominated. 

 

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