BLBG:Copper Climbs in New York Amid Concerns Over Supply Disruptions
Copper gained after workers at BHP Billiton Ltd.’s Escondida mine in Chile turned down a wage proposal, threatening a stoppage at the largest copper mine.
Metal for delivery in March climbed as much as 0.9 percent to $3.579 per pound on the Comex in New York, and was at $3.566 at 1:59 p.m. in Shanghai. The market was closed yesterday for Christmas. Copper for April delivery on the Shanghai Futures Exchange was little changed at 57,130 yuan ($9,164) a metric ton.
Plant and mine-shift workers “unanimously” rejected the proposal at meetings on Dec. 22, the union said on its website on Dec. 24. The company can still propose a higher offer before compulsory negotiations are triggered as the contract expires in July 2013, union official Marcelo Tapia said.
“Relatively tight global supply and a recovery in the Chinese economy have made me optimistic about copper prices in the first half,” Cai Jie, an analyst at Essence Futures Co., said by phone from Shenzhen. “The macro environment won’t be worse than this year, and this is going to support prices.”
The London Metal Exchange is closed for Boxing Day.
To contact Bloomberg News staff for this story: Helen Sun in Shanghai at hsun30@bloomberg.net
To contact the editor responsible for this story: Jarrett Banks at jbanks15@bloomberg.net
