Peru’s small miners block highways, camp outside Congress demanding registry extension
Analyst says that there are strong competing interests between Congress and small-scale miners that could escalate.
The copper price rose on Tuesday as investors bet that central banks would slow the pace of interest rate rises and the US dollar weakened.
In China, the yuan strengthened and equities rose after an unverified on social media saying that the government plans to lift its strict covid-19 restrictions in March.
Copper for delivery in December rose 3.7% on the Comex market in New York, touching $3.50 per pound ($7,700 per tonne).
[Click here for an interactive chart of copper prices]
The dollar was down 0.6% against a basket of major currencies.
Data on Tuesday showed global factory output weakened in October as recession fears, high inflation, and China’s zero-covid policy hurt demand.
Markets were bracing for an economically damaging 0.75% US interest rate rise on Wednesday but hope the Federal Reserve’s forward guidance will signal slower rises ahead.
The head of the European Central Bank said further interest rises would come despite the rising probability of a euro zone recession.
Read more: Banks bolster metals-trading desks after wild year for markets
(With files from Reuters)
