View on Copper update By Mr. Yash Sawant, Angel Broking Ltd
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Below are Views On Copper update By Mr. Yash Sawant, Research Associate, Angel Broking Ltd
Supply worries for Copper
After months of negotiation, the union of workers at BHP’s Escondida Mine (located in Chile), the world’s largest Copper reserve, rejected the company’s final offer on Saturday. This takes the negotiations to the next step which is government mediation, a last attempt to avoid a strike.
As per reports, the talks might last for 5 to 10 days in an attempt to bridge the difference failing to which the strike would begin.
Worries over a potential strike or halt in operations at the world’s largest copper deposit would further hamper Copper supply chain and send the prices higher.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
