Copper prices on the London Metal Exchange were down 1.4% during morning trading on Monday July 30, with the market wary of ongoing contract disagreements at BHP's Escondida mine in Chile.
Falling to an intraday low of $6,162 per tonne, copper's three-month price has shed more than 3% since hitting a recent high of $6,378 per tonne on July 26. Traders are stepping back from the copper market, awaiting further direction expected after unionized miners vote on proposed industrial action in the coming days. "New trouble now appears to be brewing on the global copper market after all, as the union at Escondida mine in Chile has rejected the pay offer of the mine's operator and called its members out on strike. Workers now have until Wednesday to vote on this," Commerzbank Research said in a morning note. "If they vote in favor of a strike, there would...