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.
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
-
How much do you need to earn to afford the average rent?Rental growth is slowing and making rents more affordable for tenants, but what hwo much do you need to earn to afford the average UK rent?
-
FCA launches scam checker tool after 800,000 suspected to have lost money to fraudstersSavers and investors can use the tool to check if a firm is the 'real deal' and is actually authorised to provide the services it is offering
