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Southwire, Nexans Preempt Chilean Copper Mine Strike

Chile 82 China 2566 Commodities 189 Materials - Metals/Mining 624 Metals - Copper 54 Strikes 36 U.S. 4554

A potential strike at the Escondida mine in Chile has led to a 20% increase in copper prices since mid-October. The mine is the world’s largest and accounted for $1.8 billion of exports (12% of Chile’s total copper cathode shipments) in the 12 months to July 30. Chinese buyers have become more reliant on Chile. While there was a 37% drop in imports from all suppliers in the three months to November 30 on a year earlier there was only a 28% fall in purchases from Chile. U.S. buyers have reacted more aggressively. Importers including Southwire and Nexans look to be trying to secure supplie...

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