Copper rates are increasing, but why?
Simply a year after revenues some concessions after a bitter stike, workers are apparently miserable at an essential Chilean mine. The biggest union at BHP Billiton’s Escondida mine They are threatening to strike yet once again.
Sadly, this would interrupt products from one of the world’s most unbelievable copper pits. Copper costs have surged to their greatest in more than 4 years, so it’s most likely that both sides will concern a contract.
Look for copper costs to fall greatly if BHP and the union end their conflict over the weekend.
Of note, this quote offered to Bloomberg by union spokesperson Carlos Allendes: “If I was a financier, I would be betting on this being dealt with quickly.”
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