Copper jumps above monthly 50-MA, trades at 20-month high

Comex Copper breached monthly 50-MA $2.7754/pound earlier this month and clocked a 20-month high of $2.8157/pound. 

Prices are on the rise as workers at BHP Billiton Escondida in Chile, the World's largest copper mine, went on strike on Thursday. Furthermore, export ban at Freeport-McMoRan’s copper mine in Indonesia is increasing concerns of supply deficit. 

Moreover, the metal has been one of the major beneficiaries of the Trump trade. The latest round of recovery in the US dollar too has failed to have a negative impact on the metal. 

Rally in copper and other base metals is good news for AUD and other commodity dollars. Mining shares in Australia and UK too are having a good time on the back of the rally in the base metals.