A strike at Freeport McMoRan's Grasberg project in Indonesia has impacted the company's copper output and aided in tightening the copper supply chain as a whole, positioning copper for a price rally.
Global recession concerns found copper at a 33-month low, dropping up to 8 percent on Thursday. Base metals were able to pare earlier losses when European shares came back slightly from an earlier drop. There is a very strong link between equities and commodities that will persist for the time being,” Standard Chartered analyst Dan [...]
The top mining port in Chile, Antofagasta, has workers striking for a second day in a row. Demands for higher pay and better working conditions are the reasons behind the strike. Workers started their strike at Antofagasta, which serves Chile’s northern mining region, just before midnight on Tuesday, leaving at least one copper shipment delayed [...]
Xstrata Copper Canada has announced that Kidd Metallurgical site and CAW-Local 599 did not agree to the terms set out in a new collective agreement. Despite the Union having broken off talks at 2 pm on Monday, the company bargaining team continued to try to negotiate an agreement. We are very disappointed that the Union’s [...]
Copper futures are on the rise as a result of an overall strengthening of metals due to the weakening dollar and all time high oil prices. Copper supported by surrounding strength in the base metals complex. Read the full article here. The copper stockpiles in China’s Shanghai Futures Exchange continue to rise while inventories on [...]
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