SHANGHAIM, Jul. 12 (SMM) – Workers at Zaldivar copper mine will launch strike after voting, but this will make limited impact on supply with annual output at 50,000 mt, SMM notes. However, this strengthened market concerns on tight supply of copper ore after strikes in Peru. LME copper will stay firm on Wednesday with price range at USD 5,860-5,900/mt, and SHFE 1709 copper will fluctuate between RMB 46,900-47,400/mt on Wednesday after rallying on Tuesday’s night trading.
In China’s domestic market, traders will sell goods at high prices for cash demand, and spot copper should trade at discounts of RMB 20/mt to premiums of RMB 20/mt.