BLBG:Copper Climbs in New York After BHP Workers Reject Wage Proposal
Copper rose in New York after workers at BHP Billiton Ltd. (BHP)’s Escondida mine in Chile rejected a wage proposal.
Plant and mine-shift workers at Escondida “unanimously” rejected the proposal on Dec. 22, according to their union. The contract expires in July. Copper rose 3.9 percent this year.
“The workers at BHP’s Escondida, the largest copper mine, rejected the wage proposal for the coming year and this is likely to limit much downside due to fear of future supply disruptions,” Hyderabad, India-based Karvy Comtrade Ltd. wrote in a metals-market comment today.
Copper for delivery in March climbed 0.7 percent to $3.5705 a pound at 5:55 a.m. on the Comex in New York.
BHP’s Escondida mine accounts for about 6 percent of the world’s mined copper supply. The mine’s workers went on a two- week strike last year in a protest over bonus payments and working conditions.
To contact the reporter on this story: Rudy Ruitenberg in Paris at rruitenberg@bloomberg.net
To contact the editor responsible for this story: Claudia Carpenter at ccarpenter2@bloomberg.net
