SHANGHAI, Feb. 8 (SMM) - Copper prices posted big gains Wednesday as workers at the Escondida copper mine plan a strike on Thursday after failing to reach an agreement on labor contract.
This news triggered market expectations that supply will tighten, and thus pushed up copper prices, SMM said. But real effect will depend on whether the strike will take place and how long it will last.
The price movement February 8 is due mainly to speculative operations after this news. Copper prices may fall back if supply is not affected by the strike as expected, SMM added.
The Escondida mine is the largest copper mine in the world.
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