Copper, gold hit 2019 high

COPPER this week rose to its highest point since September last year, despite ongoing trade tensions.
Copper, gold hit 2019 high Copper, gold hit 2019 high Copper, gold hit 2019 high Copper, gold hit 2019 high Copper, gold hit 2019 high

Staff Reporter

Copper was up 2.3% to $6333 per tonne, extending its 2019 gains to nearly 6.5%, due to a several positive catalysts.
 
The Indian Supreme Court rejected Vedanta's bid to restart a 400,000 tonne per annum copper smelter, overturning an earlier decision.
 
"This will keep copper imports higher this year," ANZ Research said.
 
"Problems at Grasberg hit again as PT Freeport's copper export permit expired on 15 February, and the company is yet to get a recommendation to export from the Indonesian mining ministry. This remains a supply risk and could see exports falling further in 2019.
 
"Trucking companies in Peru, the second largest copper supplier, went on indefinite strike on Monday on rising fuel prices, taxes and road tolls."

 Overnight, the gold price was fixed at $1325.76 per ounce

 
The WTI crude oil price was slightly down overnight at $56.86  per barrel.
 
In softer commodities, cocoa decreased $61 per tonne or 2.65% to $2237/t yesterday from the $2298 in the previous trading session, tradingeconomics.com reported. Historically, cocoa reached an all-time high of $4361.58/t in July of 1977 and a record low of $211/t in July of 1965.
 
Coffee decreased 1.55c per pound or 1.59% to 96c/lb yesterday from 97.55c/lb in the previous trading session, tradingeconomics.com reported. Historically, coffee reached an all-time high of 339.86c/lb in April of 1977 and a record low of 42.50c/lb in October of 2001.
 

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