Copper on the London Metal Exchange rose in price in response to information about a planned strike at the Grasberg copper mine in Indonesia. Metal on the LME for delivery in 3 months reached $ 5642.00 a tonne, after a 0.3 percent increase.
Workers at Freeport-McMoRan Inc.'s Grasberg copper mine in Indonesia are planning a protest in May to protest planned layoffs.
From May 1, a protest by the 9,000 Grasberg union members is expected. "The strike will last until May 30," said Tri Puspital, an industrial relations spokesman. The Grasberg mine already has a high absenteeism rate, according to Freeport.
Against the background of this information, copper on the LME soared by $ 67 to $ 5623.00 per tonne.
Copper rises in price in anticipation of strike in Indonesia
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