Copper prices hit three-week high amid supply worries

Copper prices have risen to their highest level in three weeks, nearly reaching $14,700 per ton, due to concerns over global supply disruptions, particularly from the world's largest copper mine in Chile, where workers threaten to strike after wage negotiations failed. The mine, owned by BHP Group, is one of the largest sources of copper worldwide, and any halt in its production is expected to impact market balance and prices, especially given the rising demand across the electricity, construction, and manufacturing sectors. Additionally, statements from a Federal Reserve official diminish the likelihood of multiple interest rate hikes this year, which supports demand expectations and alleviates pressure on metal prices. If the strike continues or production ceases, it could lead to increased tensions in the market, but the ultimate impact depends on the duration of the stoppage and the company's ability to resume operations swiftly.

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