Copper prices climbed on Friday on worries that a new strike in Chile's Codelco, the largest copper producer of copper in the world, may diminish supplies of the metal.
Subcontract workers at Codelco threatened to renew a strike at the company, as they complained that the Codelco failed to give them the bonuses which were promised under the agreement that put an end to its previous strike.
Cristian Cuevas, president of the Confederation of Copper Workers, said they will wait until Friday afternoon to see the agreement fulfilled before starting new mobilizations.
Copper futures for July delivery rose 8.8 cents or 2.35 percent to $3.8265 a pound on the New York Mercantile Exchange Comex division on Friday. Prices have significantly risen this year amid supply disruptions, originating from strikes at Chile and Mexico.
Supporting prices today, the dollar weakened against the euro today making commodities cheaper for buyers with foreign currencies. The European currency gained after a higher than expected GDP in Germany, the largest economy in Europe.
Copper futures for delivery in three months in the London Metal Exchange rose today $189 or 2.30 percent to $8,412 a metric ton.