The strike is over! “Chilean port workers negotiated a settlement with management on Saturday and ended a more than three-week-old strike that had slowed copper, fruit and other shipments from the world’s top copper producer,” reports Reuters.
“The northern port of Angamos kicked off a work stoppage in late December to demand stronger union organizing rights. The labor action then spread. Other ports joined the strike in solidarity and in protest over what they say is police brutality against striking workers.”
“Workers at the copper-exporting ports of Antofagasta and Iquique downed tools during the work stoppage. Many of the other striking ports were in the southern part of Chile, an agricultural region which barely produces any copper.”
“‘We appreciate this accord, which ends more than three weeks of paralysis,’ the Chilean fruit exporters’ chamber Fedefruta said in a statement.”
“The stoppage has hit grape, apple and berry farmers in the middle of the Southern Hemisphere summer.”
In metal price news for copper…
The week’s biggest mover on the weekly Copper MMI® was US copper producer grade 122 price, which saw a 1.7 percent decline. This comes on the heels of a 1.0 percent increase the week before. The price of US copper producer grade 110 fell 1.7 percent after rising 1.0 percent the week before. Following a 0.9 percent increase in the week prior, the price of US copper producer grade 102 fell 1.6 percent last week. The Japanese copper cash price declined after drifting 0.7 percent since last week. Following a steady week, prices for Korean copper strip closed flat.
Chinese copper prices were down for the week. Chinese copper wire prices were off slightly, down from a week ago. The price of Chinese copper bar fell 1.2 percent after rising 0.6 percent the week before. Following a 0.6 percent increase in the week prior, the Chinese copper cash price fell 1.2 percent last week. The price of Chinese bright copper scrap fell 0.4 percent after rising 3.0 percent the week before.
Following a 0.9 percent increase in the week prior, the 3-month price of copper fell 1.0 percent on the LME last week to $7,257 per metric ton. The primary copper cash price fell 0.8 percent on the LME to $7,285 per metric ton after rising 0.9 percent the week before.
The Copper MMI® collects and weights 12 global copper metal price points to provide a unique view into copper price trends. For more information on the Copper MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.