MUMBAI/SANTIAGO (Commodity Online): The 24 hour strike at Escondinda copper mine, the largest in the world, has been extended to an indefinite strike after a vote of the Union workers.
About 2,300 workers of the Escondida mine had launched a stoppage over unresolved disputes such as the failure to reach agreement over annual bonuses. The strike means a loss of 3000 tonnes of copper production a day. After "not reaching a favorable agreement to our demands...workers decided to extend the strike indefinitely", the union said on its website shortly after voting was completed.
At Multi-Commodity Exchange of India (MCX) Copper August contract opened at 433.35 on Monday and was down over 0.50% in early morning trade. But the metal may see upward pressure later in the day as more reports of the strike comes forward.
GEOJIT Comtrade view:-
MCX Copper Aug: Prices to trade in between 427 - 435 now, break of either level could decide the momentum.
Favored view: Rallies to 435 to find resistance for a move lower to 428 / 424.
Support levels: S1 427 S2 420; Resistance levels: R1 436 R2 445
