Copper declines on possible strike settlement

Metals prices were mixed on Wednesday. Three-month copper dropped $50 to $7,350 per tonne on reports that a provisional settlement has been reached in the Escondida mine strike in Chile, with a vote to be taken on Thursday. Nickel was also lower, dropping $1,025 to $27.450 per tonne as London Metal Exchange inventories grew slightly. Aluminium, however, was $14.5 higher to $2,484.5 per tonne.

Gold added $5.30 to $617.30/$618.05 after going as low as $606.80 on Tuesday. An indication that the Federal Reserve will not raise interest rates in the near term, as well as concerns of a dispute between Iran and Western nations over Iran’s nuclear program helped the precious metal’s advance.