Copper prices soars due to mine closures! 📉

Copper prices soared during today's session, directly linked to potential disruptions in the global supply chain of this commodity.

Copper has risen to its highest levels since May of last year. It is currently only 6% away from its all-time high.

A serious accident occurred at the Grasberg Block Cave mine in Indonesia, one of the largest in the world, which has limited production.

This incident has raised investor concerns about the availability of the metal, especially as demand for copper has been increasing in recent years due to the energy transition and the development of technologies based on renewable energy sources.

The situation is further exacerbated by the decision to close a mine in Peru, the world's second-largest copper producer.

Government restrictions and social protests have severely limited mining in this region. The combination of these events is leading to increased market uncertainty and rising prices, which may reach new record levels in the near future.

COPPER (D1)

Source: xStation

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