5 Challenges Facing South America's Copper Boom - Crude Oil Prices Today | OilPrice.com
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Escondida supervisors, about 1,020 workers at the world’s largest copper mine, said they would strike at 8 a.m. local time Wednesday, a week after workers walked out at Centinela.
Chile’s August copper output fell 12.8% to 369,500 tons, the lowest monthly total since February 2011, and a fatal landslide hit Codelco’s El Teniente on Sunday.
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Copper pulled back from a three-week high on Wednesday after US inflation data put a Federal Reserve rate hike this month back on the table, and word of a preliminary deal to avert a strike at BHP’s Escondida, the world’s largest copper mine, took some of the supply premium out of the price. Comex copper for December delivery traded at $6.6695 a pound (about $14,704 a tonne) late morning in New York, down 0.8%, after touching $6.7890 earlier in the session. The most-active contract’s record settlement of $6.89 was set on September 9, the day before a report that the White House tariff plan had stalled knocked more than 5% off the price.
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