Base metals on the London Metal Exchange were mostly a little higher during morning trading on Tuesday June 12, with aluminium, zinc and lead prices ticking higher while copper and tin prices drifted lower.
Copper's three-month price slipped more than 0.4% lower over the morning, dipping below $7,200 per tonne - it had reached five-year highs at the end of last week. Unresolved labour negotiations at BHP Billiton's Escondida mine in Chile continue to disrupt the copper market, with last week's fresh buying pushing the three-month price above $7,300 per tonne. Copper's cash/three-month spread has narrowed to a backwardation of $0.50 per tonne after spending much of May in contango. "BHP Billiton responded yesterday to the ambitious demands of the union [$34,000 per worker, or 4% of shareholder dividends];...