LONDON (Reuters) – Typical, isn’t it? Copper bulls have been waiting all year for a strike and along come three potential Chilean flashpoints in the space of a week.
The main union at the Caserones mine is threatening to walk off the job on Tuesday if government mediation fails to generate a breakthrough in deadlocked talks.
Unions at Escondida have rejected an offer on a new labour contract, raising the prospect of another walk-out after last year’s 44-day strike at what is the world’s largest single copper mine. Meanwhile, workers at Chilean state copper producer Codelco’s Chuquicamata division staged protests last week in a long-simmering dispute over restructuring plans.
None of which helped the copper price, which closed Friday down on the week and has on Monday morning slipped further towards the $6,000 per tonne technical cliff-edge.
London Metal Exchange (LME) three-month metal was last trading around $6,100. Doctor Copper, it seems, is far more worried about the potential hit to demand resulting from the escalating trade dispute between the United States and China.
For the rest of this article: https://uk.reuters.com/article/uk-metals-copper-ahome/commentary-dr-coppers-gloomy-message-is-being-amplified-by-new-fund-friends-idUKKBN1KR1GW