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Copper spikes past $7K per ton on Escondida strike fears

Published 06/05/2018, 01:21 PM
© Reuters.  Copper spikes past $7K per ton on Escondida strike fears
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  • Copper prices surpassed $7K/metric ton today on fears that BHP Billiton (LON:BLT)'s (BHP +0.8%) giant Escondida mine in Chile could be hit by further industrial unrest.
  • The mine's main union is demanding a ~$34K signing bonus per worker, or 4% of dividends paid by Escondida to its shareholders in 2017 - which the Financial Times says would represent the biggest one off payment ever made by a Chilean mining company - as well as a 5% increase in salaries.
  • BHP has said it must raise productivity and cut costs at Escondida after investing $8B in the mine over the past five years to maintain annual output at more than 1M metric tons.
  • Earlier: Copper moves higher as traders watch labor talks on BHP's Escondida (June 4)
  • ETFs; JJC, CPER, CUPM
  • Now read: Copper Has Performed Well In The Face Of Adversity


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