London copper edges up on Chilean supply worries
- "Supply side issues may be back in focus" after the rejection of a final wage offer, ANZ said in a note.
HANOI: London copper prices rose on Monday as worries over supply from top producer Chile mounted after workers at two mines rejected a contract offer from the company and threats of a strike loomed.
A union representing workers at BHP's Escondida and Spence mines in Chile rejected the company's contract offer, raising the risk of a strike at the two sprawling copper deposits, the union's president said on Friday.
"Supply side issues may be back in focus" after the rejection of a final wage offer, ANZ said in a note.
Chilean law allows either party to now request a five-day government mediation period, extendable for an additional five days, ahead of any eventual strike. BHP told Reuters it believed the two parties could still reach an agreement.
Three-month copper on the London Metal Exchange advanced 0.6% to $10,296.50 a tonne by 0717 GMT, while the most-traded June copper contract on the Shanghai Futures Exchange gave up modest gains early in the session to close down 0.1% at 74,750 yuan ($11,609) a tonne.
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