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Copper approaching two-week high on supply concerns

FXStreet (Mumbai) - Copper prices are inching closer to a two-week high after a strike at the world’s third-largest copper mine in Indonesia stoked fears of a supply shortage in the short-run.

Copper, on the Comex division of the New York Mercantile Exchange, is trading 0.29% up at USD 3.073/pound. The metal has been on the rise since yesterday after reports came-in that workers plan a 30-day strike at the Grasberg mine in Indonesia, starting from Nov. 6. The news of workers going on a strike at the Peru’s biggest copper mine, Antamina, also hit the wires yesterday.

Comex Copper Technical levels

Copper has an immediate resistance at 3.104 (Oct. 14 high), above which the prices can extend gains to 3.175 levels. On the flip side, Copper can fall to 3.059 levels today, if the hourly chart support at 3.063 is breached.

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