Palladium took a small dip on 2/16, while all other metals increased slightly.
The copper supply is facing a hit with the recent strike at the Escondia mine in Chile. This mine is the world’s largest copper mine, producing about five percent of copper used worldwide. The current strike by 2,500 workers has already cost 21,000 tons of copper, which is enough to wire a million cars. And union leaders are already preparing for a two-month long strike, which could affect wage negotiations at other mines in Chile. Escondia has declared force majeure, which is a contractual clause used when a supplier cannot meet shipping obligations. Since then, copper rose to its highest price since May of 2015. This comes at a time when the world’s second biggest copper mine is winding down output in hopes of renewing export permits with Indonesia.