An agreement in next week’s labor negotiations at Codelco’s Chuquicamata mining and smelting division could prove tough
to secure, Fastmarkets learned on Friday May 3. Codelco has invited unions No 1, 2 and 3 of the Chuquicamata division to hold talks about work contracts in Calama in northern Chile. These will start on May 6 with Unions 1 and 2 and continue on May 7 with Union No 3, the state-owned company said.
A recent drop in copper prices is not reflective of the current tight supply and demand fundamentals
, and a rebound could take place as soon as next week, Codelco’s chief commercial officer Roberto Ecclefield told Fastmarkets on Friday May 3.
Copper concentrates treatment charges declined in early May
after traders accepted recent tender tonnages at surprisingly low levels, which stretched the gap between acceptable purchase levels for traders and smelters to its widest in the past year.
The dip in tin prices on the London Metal Exchange over the past two months
reflects technical factors and a drop in semiconductor sales, but a rebound is hard to envision despite a largely solid fundamental backdrop.
Benchmark alumina prices are now trading at their lowest in over a year
due to lack of buying appetite and excess cargoes in the market for May and June.