On Monday, August 6, the metal in the LME lost 1.2 percent. up to $ 6,133 per ton. Today copper on the London LME metal exchange is priced flat at around $ 6,127 per tonne.
Investors' attention is drawn to the world's largest copper mine in Chile - Escondida.
The owner, BHP Billiton, a few hours before the start of the strike planned by the miners, scheduled for 30 days, agreed on the night of August 6-7 to join a 5-day negotiation process in which the state is the mediator.
Recent negotiations between the parties have gone nowhere, with 84 percent of employees (2,330 in total) rejecting the latest health and safety proposal.
Last year, the strike in Escondida lasted 44 days, but the miners failed to agree on better employment conditions.
Copper production at Escondida fell 11 percent in June, Chilean agent Cochilco said.
Copper Valuation - One step away from entering a bear market - the metal shed 16.3% from June to Monday. Investors' attitude towards metal is determined by the possibility of an escalation of a world trade war.
“Ongoing fears about the impact of the US-China trade conflict continue to weigh on sentiment despite the threat of a supply disruption from Chile,” ANZ analysts said in a note.
BHP Billiton makes concessions ahead of strike at Escondida mine
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