Copper - a barometer of the global economy, has climbed to the highest in a decade over the past days.
The price of this industrial metal has been boosted by an improved economic outlook as the global vaccine rollout gathered pace and a substantial economic stimulus - further lifting hopes of a robust recovery, a weakening US dollar, and a shift towards cleaner energy.
Renewed demand comes at a time when the metal is set to experience a significant supply crunch as mine production is unlikely to keep up with the growing global appetite. The most recent supply disruption, threatening near-term supplies, comes after Chilean Port Union (UPCH) announced that it would carry out a progressive stoppage of activities in response to President Sebastián Piñera s move to block a bill that would have allowed workers to make a third round of early withdrawals from their pension funds.
Chilean President under intense criticism
Chilean President under intense criticism
Santiago, Chile, Apr 21 (Prensa Latina) President Sebastian Piñera and his government received a barrage of criticism from the opposition and the ruling party, and explicit discontent in the streets, amid growing isolation.
The trigger for the generalized discontent was the presentation by the executive of a request in the Constitutional Court to stop a legislative project that seeks allowing a third withdrawal of 10 percent from pension funds.
Generalized pot-banging, demonstrations, barricades and even attacks on two police stations in the capital, took place on Tuesday night and Wednesday morning throughout the country.