LIVE FUTURES REPORT 25/07: LME copper price well supported; ali contango continues to widen

Nickel and tin were the only base metals to close trading higher on Wednesday July 25, while the rest of the complex drifted lower on lack of trading momentum.

The three-month copper price hit a high of $6,331 per tonne, supported by the imminent news from wage negotiations at Escondida.

Unionized workers at the Chilean copper mine could take industrial action at the end of the month if a new labor contract it not struck.

"I’ve always said strikes are contagious diseases, it’s clear union people communicate and watch what’s going on. Clearly there is a relationship," Freeport-McMoRan chief executive officer Richard Adkerson said during an earnings call today.

Freeport's Cerro Verde mine in Peru, along with several other copper mines in South America, have labor...

Published

Alice Mason

July 25, 2018

17:35 GMT

London