Copper by the end of this week became cheaper by 2.3 percent, and last week trading ended with its growth by 3.5 percent.
In Chile, 2,500 miners went on strike for more than 40 days at the world's largest copper mine, Escondida. The mine owner, Australian company BHP Billiton, wanted to impose new, much worse pay and working conditions. The trade union, as a condition for ending the strike of miners, put forward guarantees of increased wages and high compensation for the strike.
In the end, they came to an agreement and agreed to keep the current wage contracts for the mine workers. "But now it will take some time for Escondida to resume normal production, but the fact that an agreement has been reached - at least for the next 18 months - is obviously good news when it comes to copper supply," said Rick Spooner, Chief Market Strategist, CMC Asia Pacific Markets.
Copper markets may have a slight surplus this year despite short supply disruptions at copper mines including Escondida, COO Jiangxi Copper predicts.
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