SHANGHAI, Aug. 11 (SMM) – Copper concentrate output of Codelco may be affected by adverse weather conditions and strikes in the near term, which is expected to weigh on spot TCs for imported concentrate.
Codelco contract workers have reportedly occupied the company's Ministro Hales mine and Salvador mine since they started a strike July 21. Ministro Hales mine’s output was 141,000 tonnes in 2014 and Salvador – the smallest mine of Codelco – produced some 54,000 tonnes last year.
Such conditions have been worsened by bad weather in Chile. Local media said torrential rains and strong winds halted operation at Codelco’s Chuquicamata mine early August 9. The mine produced roughly 340,000 tonnes of copper last year, claiming 2% of world’s total.
SMM predicts that the strike by Codelc’s contract workers will continue to hold down spot TCs for copper concentrate.
Spot TCs for clean copper concentrate fell by $2.5 per tonne in the week of August 3-7 to $78-82 per tonne, and those for blended concentrate were down by $2-3 to $105-115 a tonne.
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