SMM8 14-according to foreign media, BHP Billiton and Chile Escondida Copper Mine's main trade union agreed to extend labor negotiations for another day, in order to avoid the world's largest copper workers strike and make a last-ditch effort.
Although the two sides have made some progress on issues that have hindered negotiations, the two sides have chosen to postpone the negotiations for another day and leave them to government mediation to resolve issues that have not been agreed between the remaining unions and the company, the union said in a statement.
"after intense negotiations with the Escondida1 union on Monday night, the two sides agreed to extend the negotiations for another working day," BHP said in an emailed statement.
The labor negotiations at Escondida have attracted more attention as a result of the 44-day strike in 2017 that has had a significant impact on the global copper market.
The proportion of bearish bets on copper by US hedge funds exceeding bullish bets is the highest level since 2016. Copper stocks on the London Metal Exchange have fallen by more than 1/3 since the end of March, while copper stocks in Comex warehouses are at their lowest level in 10 months.
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