Copper fluctuated in a narrow range in August

摘要

Unlike the soaring of nickel price on LME in recent one and a half months, copper prices were traded in narrow range with cash month price from RMB 67.000 to 70.000 yuan/tonne on SHFE. Three months prices were traded in a range of RMB 66,000-71,000 yuan/tonne. There is no doubt that copper prices were very much affected by the progress of strike in Chile's Escondida mine. At the time of writing, around ten workers were said to resume work and negoation time between the union and Escondida mine management has not been settled down. In short term, the strike in the world's largest copper mine will still have big impact on copper prices. The labor contract in the mines of largest copper producer Codelco will expire in the fourth quarter of this year. The movement in Escondida is expected to give more signals to the negotiation between worker union and Codelco.