LME Copper prices gained 2.5
percent on Tuesday to close at $4869/tonne as expectations of more
stimulus rose after Japan’s Shinzo Abe announced fresh package post
his victory in the Upper house on Sunday. Meanwhile, supply
disruption concerns cropped up after workers at Anglo American's
small El Soldado copper mine in Chile began a strike on Friday after
failing to reach agreement in contract talks. Also, investor interest
seemed to increase as US Commodity Futures Trading Commission (CFTC)
data showed hedge funds and money managers turned net long in copper
positions in the week to July 5. MCX copper prices traded higher by
2.8 percent on Tuesday to close at Rs.330.3 per kg.
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