Copper led declines on the London Metal Exchange on speculation that demand will drop because of a slowdown in the housing market in the U.S., the world’s second- largest user of the metal.
On the other hand,
Yahoo! Asia News
Chile’s government would likely pay a high political price if negotiators fail to cut a deal with thousands of union workers at state-owned Codelco, the world’s largest copper-producing company.
Codelco faces contract negotiations at three divisions before the end of the year, and must reach deals with some 7,000 workers to avert a strike.
A work stoppage by the biggest union in the country could rattle confidence in the center-left administration of Chile’s first woman president, Michelle Bachelet.