Chilean mining strike hits BHP, Anglo and Antofagasta
Chilean copper miners at state-owned Codelco began a 24-hour work stoppage early Tuesday to demand greater job security, according to unions Tuesday.
Chilean copper miners at state-owned Codelco began a 24-hour work stoppage early Tuesday to demand greater job security, according to unions Tuesday.
The protests also delayed operations at BHP Billiton's Escondida project, the world's largest copper mine, and blocked the access road to Anglo American's Los Bronces mine, Reuters reported.
Antofagasta's Chile operations were also in the firing line.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Copper for delivery in three months advanced 0.3% to $7,515.50 a metric ton at 13:05 Tuesday.
Matt Basi, an analyst at CMC Markets, said the strike seems to have "panicked some investors out of positions, perhaps wary of the potential for a short squeeze".
Shares in BHP, Anglo American and Antofagasta advanced in afternoon trading, in line with the broader mining sector as data showed that Chinese inflation had slowed in March.
This has increased hopes that the People's Bank of China will hold off from tightening policy for the time being.
RD
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?
Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
By Kalpana Fitzpatrick Published
-
What does Rachel Reeves’s plan for growth mean for UK investors?
Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
By Katie Williams Published