The copper market continued to dominate the base metal complex as the nearby tightness continued. The backwardation (premium of spot over three moth position) persisted, standing at around 90 dollars a tonne earlier this week. Sentiment was also boosted by the news that miners at Codelco's Chuquicamata complex in Chile had voted to strike in support of demands for improved conditions under a new labour contract due to come into force this week. But this appeared to be more a question of sabre rattling than deep divisions since the management's latest offer was not very different from the employees' claims.
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