Leading the broad downtrend, zinc prices drifted over 3% during the afternoon – now down 20% since the start of the year – while nickel gave up more than 2% of its three-month price in the same period.
Ongoing wage negotiations at BHP’s Escondida mine in Chile are facilitating significant downticks in copper prices, with the market wary of potential supply disruptions.
On Friday, Escondida’s main union rejected the company’s revised contractual offer
, citing the contract proposal as “unacceptable.”
Weaker than expected Chinese gross domestic product results showed a marginal slowdown in the world’s second largest economy, adding further pressure to base...