Below are Views On Base metals update By Mr. Yash Sawant, Research Associate, Angel Broking Ltd
Easing Supply worries
Copper prices are down by 0.5 percent on the MCX as well as on the LME in todays session as the supply side stress for Copper ease. The BHP Group and the labor union at Escondida mine struck a tentative deal on Tuesday after months of negotiations which took some pressure off the Copper supply chain.
The ongoing labor negotiations in several mines of Chile had raised genuine supply concerns in the global Copper market in time of booming demand. However, the tentative deal at the Escondida Mine, world’s largest Copper deposit, has averted the worries over a potential strike which dragged the prices lower.
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