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SANTIAGO (Reuters) - Mining firms in Chile, the world’s No.1 copper producer, are cheering a rally in the price of the red metal that hit a 10-year high this week, but warned that costs could rise as labor unions and vendors also try to cash in on the trend.
FILE PHOTO: A worker monitors a process at the Codelco Ventanas copper smelter in Ventanas, Chile, January 7, 2015. REUTERS/Rodrigo Garrido/File Photo/File Photo
Benchmark copper on the London Metal Exchange climbed this week above $9,000 a tonne for the first time since 2011. Analysts said they were bullish that surging demand from the power and construction industries will overwhelm supply.
China’s appetite for copper boosts Chilean economy
AFP, SANTIAGO
With the price of copper reaching a 10-year high thanks in no small part to China’s insatiable appetite, Chile, the world’s leading producer, faces a “unique” opportunity, experts said.
Copper on Wednesday rose to US$4.21 per pound on the London Metal Exchange, meaning that it has doubled its price since March last year.
Experts say that its price, spurred by demand from China, could beat all records in the coming weeks, surpassing its previous high of US$4.60 in February 2011 and potentially rising above US$5 per pound.
The Chuquicamata mine in Calama, Chile, is pictured on June 24, 2019.
Mining firms in Chile, the world’s No.1 copper producer, are cheering a rally in the price of the red metal that hit a 10-year high this week, but warned that costs could rise as labor unions and vendors also try to cash in on the trend. Benchmark copper on the London Metal Exchange climbed this .
China s Appetite for Copper Provides Chile With Opportunity – Courthouse News Service courthousenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from courthousenews.com Daily Mail and Mail on Sunday newspapers.