Bloomberg.com: “Copper rose to a 15-year high in London after a report said workers at Codelco, the world’s biggest producer of the metal, will strike later today for better benefits.
About 760 supervisors at Codelco Norte, the Chilean government-owned company’s biggest division, will “definitely” strike today, Reuters reported, citing a union spokesman. The union this week extended a deadline for the strike until today.
“The strike has been the main reason for strength in copper prices this week,” said David Thurtell, a commodity analyst at Commonwealth Bank of Australia in Sydney. “You’re talking about the world’s biggest copper producer.” “