(Bloomberg) – Copper advanced on concerns that unrest in Kazakhstan could deal a blow to global supplies of the metal.
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About 8% of China’s refined copper imports in the first 11 months of last year came from Kazakhstan, official data shows. China is the world’s largest consumer of the metal. The Central Asian nation produces about 4% of the world’s mined zinc and 3% of its copper, according to BMO Capital Markets.
President Kassym-Jomart Tokayev declared that order had practically been restored in Kazakhstan, but vowed to press ahead with a deadly crackdown after Russian troops helped suppress the massive protests that had swept the country. While there have been no reports of local mining and transportation disruptions so far, the risks are helping keep prices high.
Copper for three-month delivery rose 1.2% to $ 9,647 a metric ton as of 5:51 pm on the London Metal Exchange. Zinc fell 0.5% to $ 3,533 after gaining as much as 1.4%.
Copper Advances as Unrest in Kazakhstan Threatens Mine Supply
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