Why Copper Is Finding Momentum Again

What Happened: Workers union at BHP Group’s BHP 0.1% operations center in Santiago rejected the company’s final wage offer raising the chances of a strike at the mines, according to the report.

Copper prices had surged to a record a week ago as Covid-19 upended supply chains, while stimulus measures supported economies and sparked a surge in demand. The metal hit $10,747.50 on May 10, an all-time high.

The rally stumbled last week along with other industrial materials after China stepped up efforts to cool a rally in commodities that is fanning fears over a global surge in inflation, according to the report.