- Copper rose 1.07% today.
- BHP Group and Union No. 1 of the Escondida mine signed a new collective bargaining agreement.
Copper set a daily low at $4.13, finding buyers who pushed the metal’s price to a daily high of $4.18. At the time of writing, copper is trading at $4.18, gaining 1.07% at the close of trading.
Union No. 1 and BHP Group sign a new collective bargaining agreement
The Escondida mine, considered the largest in the world, producing 5% of the world’s copper supply, went on strike last week after a series of failed negotiations.
The strike ended yesterday after the signing of a new collective bargaining agreement for the next three years between union No. 1 and the BHP Group, which has Australian and British capital. The agreement includes a 3% wage increase.
Copper prices rose for the third consecutive day, reaching highs not seen since August 1.
Technical levels in copper
Copper has reacted to the upside from the low reached on August 5 at $3.91. The nearest support is located at $3.60, in convergence with the 23.6% Fibonacci retracement. The first resistance is seen at $4.68, given the high of July 1. The next key resistance is at $5.16, the pivot point of May 20.
Copper weekly chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
