Red hot copper prices are cooling down as BHP works on Chile mine strike

by Dramelin 9:30 PM 0 comments

After rallying to a 20-month high, copper prices are now coming off as a workers` strike shows signs of easing at the world`s largest mine of the red metal. Prices were still supported by another disruption in copper supply at Freeport-McMoRan`s Grasberg mine in Indonesia, the world`s second-largest copper mine, Reuters reported. Benchmark three-month copper futures on the London Metal Exchange were up 0.3 percent at $6,063.5 per metric ton at 11.25 a.m. on Wednesday morning in Asia, off a 20-month high of $6,204 a metric ton on Monday. Striking workers at Chile`s massive Escondida copper mine and mine operator BHP Billiton said they have agreed to renew talks on Wednesday, Reuters reported, sparking hopes of an early settlement to the six-day stoppage.