COPPER MARKET LATEST NEWS UPDATE
Copper on MCX settled down -0.88% at 382.35 on a surge in warehouse stocks but the threat of strike action at two Chilean mines curbed losses. Chilean mining company Antofagasta Minerals was facing potential strikes from workers at its Zaldivar mine and by supervisors at Centinela as contract talks continue. The supply side and disruptions are to some extent offsetting the more bearish news surrounding the stock increases. The combined annual production at both Chilean mines is 160,000 tonnes of copper.
*Copper trading range for the day is 377.9-388.5.
* Copper dropped on a surge in warehouse stocks but the threat of strike action at two Chilean mines curbed losses.
* However, downside seen limited supported by strike threats at a South American copper producer.