Copper prices rise on strike threat and Fed cues

Copper prices have risen significantly, approaching $14,700 per ton, amid threats of a strike at the world's largest mine in Chile. Worker unions at the Escondida mine plan to initiate a strike after negotiations over wages failed, which could threaten metal supplies and cause further market disruptions. Meanwhile, a Federal Reserve official downplayed the need for multiple interest rate hikes throughout the year, despite awaiting the U.S. inflation report that could influence the next steps in monetary policy. Copper prices on the London Stock Exchange reached their highest level since September, climbing 0.8% to around $14,695 per ton, amid concerns about the impact of rising interest rates on metal prices.

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