Base metals advance because of winter

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Base metals advance because of winter

On Wednesday Base Metals staged a large advance as oil prices dipped after reaching a 15 month high in the earlier session.

Copper rose 1.1 per cent to $7,610 a tonne in spite of information that workers at Chuquicamata in Chile, the world’s second largest mine, had accepted an enhanced wage offer from Codelco, the world’s major copper producer.

Aluminium added 1.2 per cent at $2,328.50 a tonne, bolstered by concerns that China will face authority shortages as a result of stern winter weather and that manufacture of the metal will be cut as an effect.

Arctic circumstances in Mongolia have led to the closure of some lead and zinc mines, boosting the prices of both those metals.