Copper Heads for Longest Rally Since January on Mine Halt

Copper market update. Copper futures are up over 1% on news of a major mine collapse in Indonesia that’ fueling supply concerns. It’s the metals longest rally since January.  In total, 38 people were trapped in an underground classroom at the mine – 10 were rescued, 11 are still missing, while 17 are reported dead. The company who controls the mine, Freeport-McMoran, claims it has a 2-3 day to stockpile to keep shipments going, but it would soon not be able to supply the market. Read more…