Also driving the industrial metal higher was the globe's second-largest copper mine remaining closed. The Grasberg mine in Indonesia is the subject of a government probe following a fatal accident. If the mine remains closed for the full 90-day period that officials cited, as many as 140,000 metric tons of copper would not make it to the market.
"The potential for an extended shutdown at the giant Grasberg mine has helped lend support to copper prices," states a Tuesday report authored by analyst Leon Westgate with Standard Bank Plc in London, according to Bloomberg. "The most immediate impact will be felt on the concentrate market."
At 11:12 a.m. on Tuesday, copper futures rose 0.81 percent, a 0.027-cent increase to $3.3575 per pound.
Reuters reports another prompt that drove the reddish metal higher in value during the Tuesday trading session was slowing worries about the U.S. Federal Reserve backing off the prospect of slashing the amount of its economy-spurring monetary easing program.
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