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Business

REUTERS
June 13, 2018

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Copper slips

Beijing : Shanghai copper prices slid for the first time in eight days on Tuesday, while London copper continued to lose ground as the dollar strengthened and BHP Billiton responded to a proposal from unionised workers at its Escondida copper mine in Chile.

London copper prices had propelled to a 4-1/2-year high last week on fears of a strike at Escondida.

In a statement on Monday, BHP Billitonsaid it was ready to discuss the

"different points of interest" and hoped for a "mutually beneficial agreement" after the

copper mine´s union called for a salary increase of 5 percent and a one-time bonus of $34,000.

Copper investors "remain cautious, with the continued closure of Vedanta´s Tuticorin smelter in India as well as the potential for strike action at Escondida," ANZ wrote in a note.

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