Copper bonanza challenge for top producer Chile
As the global economy starts to shake off the impacts of the Covid-19 epidemic and makers of electric cars and renewable energy systems clamour for copper, Chile stands to gain handsomely. But political uncertainties in the South American nation have some worried.
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In this file photo taken on February 25, 2021 A view shows copper sheets at Kola Mining and Metallurgical Company (Kola MMC), a unit of Russia s metals and mining company Nornickel, in the town of Monchegorsk in the Murmansk region. | KIRILL KUDRYAVTSEV / AFP
Even as copper prices hit a ten-year high this week, political events in Chile the world s main producer have raised questions about whether the country will be able to continue meeting rising demand.
From copper to bacon: the surge in raw materials will affect consumers archyde.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from archyde.com Daily Mail and Mail on Sunday newspapers.
WASHINGTON: Global prices for raw materials are soaring thanks to a boom in demand due to the recovery from the COVID-19 downturn, coupled with logistical bottlenecks.
Copper in the past week hit a 10-year high. Bloomberg’s agriculture Commodity Price Index has climbed 22 percent so far this year to its highest level since 2016, while crude oil has risen 30 percent in the past year.
Lumber has tripled over the past 12 months, and the National Association of Homebuilders said that has added $36,000 to the cost of a new house.
Tin, used in electronic circuits, automotive components and batteries, also hit its highest level since 2011, as the price doubled in the past year. The reasons for these increases are varied.
Bacon and copper lead commodity price surge
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WASHINGTON, May 2, 2021 (BSS/AFP) – Global prices for raw materials are soaring thanks to a boom in demand due to the recovery from the Covid-19 downturn, coupled with logistical bottlenecks.
Copper in the past week hit a 10-year high, while pork prices have fattened in part due to higher demand for bacon from Americans working and eating breakfast at home.
Bloomberg’s agriculture Commodity Price Index has climbed 22 percent so far this year to its highest level since 2016, while crude oil has risen 30 percent in the past year.
Lumber has tripled over the past 12 months, and the National Association of Homebuilders said that has added $36,000 to the cost of a new house.