Demand for gold surged to an 11-year high last year. This is due to large-scale purchases on the back of high activity by retail investors and a slowdown of ETF outflows.
On Monday, Chinese copper miner MMG Ltd reported that work at its Las Bambas mine in Peru is likely to be halted from February 1. The reason is critical supply chain disruptions. Peru is the second-largest copper producer in the world after Chile.
According to the miner, the lack of materials is caused by transport failures due to protests in Peru. Protesters block the entrances and exits from the mine.
On January 20, Glencore company also suspended the work of its copper miner Antapaccay due to these protests.
A source at MMG had informed Reuters before that work on Las Bambas would continue as long as supplies last. However, MMG has said today that supplies are already running low.