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Print Print edition: 2017-01-27

Shanghai copper gains

Published January 27, 2017 Updated January 27, 2017 12:00am

The most-traded March copper contract on the Shanghai Futures Exchange gained 0.9 percent to close at 48,040 yuan ($6,982) a tonne on Thursday while Shanghai aluminium dropped 1.3 percent to 13,835 yuan a tonne amid worries over potentially tighter supply while the dollar wilted on concerns over US President Donald Trump's protectionist policies.
Trading in Asia was lean with many in China already away ahead of the week-long Lunar New Year break that kicks off on Friday.
Unionised workers at BHP Billiton-run Escondida in Chile, the world's biggest copper mine, on Tuesday rejected the company's latest wage offer and asked workers to vote for a strike and prepare for an extended conflict.
While talks are still ongoing "this represents the most serious challenge to copper going forward as it will undoubtedly lead to perceptions of a tighter supply picture," INTL FCStone analyst Edward Meir said in a note.
Meir said workers will have between January 27 and 31 to vote on the company's proposals, "but before any strike starts, both sides can request government mediation".

Copyright Reuters, 2017

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