01 March 2010

Copper reaches $7,600 a tonne

Copper prices surged at the weekend in the aftermath of the huge earthquake in Chile. Commodity futures raders on the London Mercantile Exchange (LME) panicked when the 8.8 scale quake hit, worrying about copper supplies - Chile is the world's largest producer of the precious commodity.

For indeed, while a natural disaster often has tragic and traumatic effects - hundreds dead and more missing, many areas in ruins - it also has a direct effect on financial markets.

Copper is expected to reach $8,000 a tonne in the short term - on the weekend it reached $7,600.

No comments: