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Copper gains as strike begins at Peru’s biggest copper mine

FXStreet (Mumbai) - Copper, on the Comex division of the New York Mercantile Exchange, advanced today after workers at Peru’s top copper mine, Antamina, started an indefinite strike on today at 0500 GMT.

Copper for December delivery is trading 0.22% higher at USD 3.045/pound, rising for the third-consecutive session. The metal prices received support as workers at Antamina began the strike after the talks between the union and the management last week ended without an agreement. Moreover, the indefinite strike has been held in order to press for for a bonus as proceeds from a profit-sharing agreement shrink.

Copper prices gained since Antamina, Peru's biggest zinc miner, contributes about 30 percent to the South American country's copper output. The metal also received support from the correction in the Us Dollar.

Comex Copper Technical levels

Copper has an immediate resistance at 3.051, above which the prices can rise to 3.069. On the flip side, a break below 3.036, shall open doors for a re-test of 3.00.

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