After a dramatic decline of more than $1,000/t, the LME 3M price has begun to recover,rebounding to $6,285/t on 26th July, as the potential for a strike at Escondida comes back tothe fore. The possibility of industrial action has been a major talking point this year, given thesheer number of labour negotiations scheduled to take place in Chile and Peru, but its impacton sentiment has ebbed and flowed. While the chances of a strike at Escondida haveincreased in the last week, we maintain our view that a settlement will be reached.
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