Codelco: First No Gov't Money, Now Mine Strikes, Lower Copper Daily Prices

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Chile’s Codelco will likely have to deal with strikes on top of its shortfall in government funding, as today’s copper prices finished lower.

“The union will first seek dialogue with the state-owned miner until Wednesday, spokesman Waldo Gomez said,” according to Reuters. “If that doesn’t materialize, ‘the most likely (scenario) is that the strike will kick off as of Sept. 5,’ he added. The deposit produced a modest 62,700 tonnes of copper in 2012– under 4 percent of state-owned Codelco’s total production of roughly 1.647 million tonnes.”

Chinese copper bar saw the biggest price decline of the day, dropping 1.0 percent on Thursday, August 29. The cash price of Chinese copper weakened by 1.0 percent. Chinese copper wire closed 0.8 percent lower. Chinese bright copper scrap saw little change in its price on Thursday.

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US copper producer prices declined 0.7 percent. The Japanese copper cash price declined 0.7 percent as well.

The primary copper cash price closed Thursday at $7,236 per metric ton, halting its two-day flat run on the LME with a 0.9 percent decline. Also on the LME, the 3-month price of copper fell 0.5 percent to $7,276 per metric ton.

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