Copper Refinery Workers in Queensland Plan Strike Over Pay and Conditions Dispute

Workers at Glencore’s Townsville copper refinery in Queensland are planning a strike after nearly a year of unsuccessful wage negotiations. The industrial action could disrupt refinery operations and affect copper supply chains. Analysts say labor disputes add further uncertainty to the global copper market.

Peru has approved the environmental study for Buenaventura’s Trapiche copper project, which involves an estimated $3.4 billion investment. The project represents one of the country’s major upcoming copper developments. Analysts say it could strengthen Peru’s role as a key global copper supplier.

SMM Morning Briefing: Overnight, LME copper opened at $12,999/mt, then its center moved downward to a low of $12,930/mt. It then fluctuated upward to a high of $13,083/mt, and finally closed at $13,049/mt, down 0.36%. Trading volume reached 17,000 lots, down 4,532 lots from the previous trading day; open interest stood at 303,000 lots, down 358 lots from the previous trading day, mainly reflecting long position reductions overall. Overnight, the most-traded SHFE copper 2604 contract opened at 100,100 yuan/mt and hit a low of 100,100 yuan/mt at the open. Its center then rose to a high of 101,430 yuan/mt, and it finally closed at 101,310 yuan/mt, down 0.22%. Trading volume reached 34,000 lots, down 42,000 lots from the previous trading day; open interest stood at 191,000 lots, down 1,386 lots from the previous trading day, mainly reflecting short position reductions overall.