Futures Market News
Copper futures hover as Chile poised to generate increase this year
Apr 16, 2012 03:47 PM
The generation of copper from Chile is forecast to develop by at least 6 percent this year, Reuters reports the South American nation's mining minister told reporters on Monday.
After dropping 3 percent in 2011, the reddish metal is set to bounce back, Hernan de Solminihac said during an exploration forum. The nation is considered the globe's top producer of the industrial metal and last year's reduction was due to falling ore grades and production disruption.
"Last year we had a small decrease but this year we expect a significant increase compared with last year," the Chilean minister said on Monday. "We are still working on the numbers but this year the (production) increase should be above 6 percent compared with last year."
At 4:02 p.m. on Monday, copper futures gained 0.08 percent, a 0.003 cent lift to $3.63 per pound.
Dow Jones Newswires reports the minimal climb on Monday was attributable to drops in the confidence of home builders in the U.S., host of the globe's largest economy.
The National Association of Home Builders said the index for its housing market was 25 in April after having registered 28 in March.
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