LME Copper prices plunged by 1.3 percent to 2-month on Thursday to close at $5690/t as unprecedented jump in the LME stocks in the last week has pushed stocks up by 64 percent, to 327,300 tonnes. Also, increasing expectations of rate hike at the FOMC March meeting is hurting commodities. Besides, supply disruption concerns could probably ease in the coming week as BHP Billiton said it may try to restart production at the world’s number one copper mine Escondida in Chile using temporary workers once the strike surpasses 30 days.
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