Bloomberg reported that copper gained after workers at BHP Billiton Ltd's Escondida mine in Chile turned down a wage proposal, threatening a stoppage at the largest copper mine.
Metal for delivery in March climbed as much as 0.9% to USD 3.579 per pound on the Comex in New York, and was at USD 3.566 at 1:59 PM in Shanghai. The market was closed yesterday for Christmas.
Copper for April delivery on the Shanghai Futures Exchange was little changed at CNY 57,130 (USD 9,164) a metric tonne.
The union said that plant and mine-shift workers "unanimously" rejected the proposal at meetings on December 22. The company can still propose a higher offer before compulsory negotiations are triggered as the contract expires in July 2013, union official Marcelo Tapia said.
Mr Cai Jie an analyst at Essence Futures Co said that "Relatively tight global supply and a recovery in the Chinese economy have made me optimistic about copper prices in the first half. The macro environment won't be worse than this year, and this is going to support prices."
The London Metal Exchange is closed for Boxing Day.
Source:
http://www.steelguru.com/metals_news/Copper_climbs_in_New_York_amid_concerns_over_supply_disruptions/296579.html
