Codelco: Chile Port Strike Delays Shipment Of 20,000 Tons Of Copper

The strikes continue and so do the shipment delays…”Ongoing port strikes in Chile have delayed shipment of around 20,000 tonnes of copper from state-run Codelco, Chief Executive Officer Thomas Keller said on Friday,” reports Reuters.

“‘We’re being affected, obviously,’ Keller said of the strike which has spread through export-dependent Chile.”

“‘When our shipments are delayed, that implies a negative effect on our generation of cash,’ he added during a visit to the central El Teniente mine.”
“Still, the world’s No. 1 copper producer has not had to buy copper to meet contracts as these allow for flexibility, he noted.”

“Codelco said on Tuesday the work stoppages had sliced $130 million from its December income.”

“The strike kicked off at the northern port of Angamos last month over temporary workers’ rights and then spiraled as other port unions joined the movement in solidarity, adding their own demands to the mix.”

In metal price news for copper…
The week’s biggest mover on the weekly Copper MMI® was the price of US copper producer grade 122, which saw a 1.9 percent decline. This comes on the heels of a 2.2 percent increase the week before. The price of US copper producer grade 110 fell 1.9 percent after rising 2.2 percent the week before. Following a 2.1 percent increase in the week prior, the price of US copper producer grade 102 fell 1.9 percent last week. The cash price of primary Japanese copper rose 1.8 percent over the past week. Korean copper strip traded sideways last week.

Chinese copper prices were down for the week. The price of Chinese copper wire fell 1.1 percent after rising 1.2 percent the week before. Following a 0.4 percent increase in the week prior, the price of Chinese copper bar fell 1.1 percent last week. The Chinese copper cash price fell 1.1 percent after rising 0.4 percent the week before. Following a 1.7 percent increase in the week prior, the price of Chinese bright copper scrap fell 0.6 percent last week.

The cash price of primary copper fell 1.5 percent on the LME to $7,281 per metric ton after rising 1.6 percent the week before. Following a 1.4 percent increase in the week prior, the 3-month price of copper fell 1.5 percent on the LME last week to $7,263 per metric ton.

The Copper MMI® collects and weights 12 global copper metal price points to provide a unique view into copper price trends. For more information on the Copper MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.