Gold Silver Reports – Copper has hit a one-week low as talks to resolve a strike at the worlds biggest copper mine in Chile were set to resume and production at another huge mine in Indonesia restarted. Perus copper production rose 24.8 per cent in January from the same month a year earlier while zinc output increased 11.3 per cent.
Traders said a weak trend in base metals in global market on worries about demand from worlds top consumer China were reinforced by expectations of ample supplies and higher inventories in exchange-monitored warehouses, mainly dampened sentiment.
Freeport stopped producing copper concentrate on Feb. 11 after Indonesia prevented it from exporting the material used to make refined copper, and its sole domestic buyer halted operations due to a strike.