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      Base Metals Preview: Copper sideways in session ending 16 April 2017

      MoM Team / Mumbai, Apr 12, 2017 10:16 AM IST

        Base Metals Preview: Copper sideways in session ending 16 April 2017

        The prices of Copper were sideways in the trading session ending 11 April 2017. Copper benchmark contract ended at Rs 373.45 per kg, up 0.2 percent.

        The metal is still under the psychological resistance zone of Rs 380 per kg. Chile is the world's largest producer of Copper the industrial metal used in everything from household wiring to power grids that enjoyed an unprecedented boom last decade as China industrialised.

        But the boom triggered a supply surge that saw the price slump as low as $ 4,300 a tonne early last year and it has only recently recovered above $ 5,700 a tonne a little more than half its all-time peak.

        A Southern Copper Corp spokesman said its copper operations in Peru were near normal as workers started an indefinite strike on Monday, although a union representative said 80 percent of capacity was affected.

        With the refined copper market expected to be in a small deficit this year any supply disruptions in Chile could have a large affect on prices. Industrial negotiations are taking place against the backdrop of a new labour law brought in by Chile's centre-left President Michelle Bachelet aimed at favouring unionised employees. That could add a further test of mining companies' abilities to secure agreement with their workers.

        As many 15 labour contracts will be negotiated this year in Chile's mining industry, including at Codelco mines and those owned by Anglo American and Antofagasta. Workers at BHP's Escondida agreed to return to work last month but without a new labour contract or any signing bonus, in hopes of negotiating again in 18 months, under the new law.

        While Chile's new labour laws gives more power to unions, miners are confident about upcoming talks, saying the strike is specific to Escondida and not a sign of deeper nationwide dissatisfaction at the country's mining unions.


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