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Chile closes borders and Copper price surges 

The Candelaria copper-gold mine in Chile. (Credit: Consejo Minero)
Golden Future Golden Future has supplied miner cap lamps more than 12 years, and their lamps are well accepted worldwide due to its quality and performance. In recent days, it’s noticed that Copper price jumped on Monday as investors assessed the decision by Chile to close its borders during April due to a spike in covid-19 cases.
Copper for delivery in May was up nearly 4% in afternoon trade, with futures at $4.1390 per pound ($9,125 a tonne) on the Comex market in New York.
The world’s top exporter of the metal closed its borders for a month as reported a daily record of 7,830 infections last week, an all-time high for occupied hospital beds, and a nationwide positivity rate of 11%.
Chilean citizens and foreign residents are forbidden from entering or leaving the country. All truck drivers are required to present a negative PCR test carried out in the 72 hours before entering the country.
The stepped-up border restrictions may disrupt mining activities by delaying equipment replacement.
Chile’s copper mines produced 430,100 tonnes in February, a decline of 4.8% compared to the same period of 2020.
Last week, Codelco clinched a deal with workers at its Radomiro Tomic mine after they accepted a new contract offer, defusing worries about a potential strike.
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