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Copper Extends Rally on Strike in Chile Mine, Dollar’s Retreat

Copper may extend its biggest rally in almost three weeks on speculation a strike at Chile’s Escondida mine may reduce global supplies and as the dollar fell amid a political stalemate over raising the U.S. debt ceiling.

The metal for three-month delivery added as much as 0.4 percent to $9,859.75 a metric ton, the highest price since July 19 on the London Metal Exchange before trading at $9,8542.25 by 3:25 p.m. Tokyo time. The price rose 1.7 percent yesterday, the biggest daily gain since July 7. October-delivery copper on the Shanghai Futures Exchange closed unchanged at 72,810 yuan ($11,302) a ton.