Copper Prices Defy Strike Threat with Record High Forecast

Copper prices remain strong after workers at a major mining operation in Chile rejected a pay offer from their employer, Antofagasta plc. The Centinela site's union members overwhelmingly voted against the company's final wage proposal, increasing the likelihood of a strike.

The rejection follows ongoing annual wage negotiations between some of the world's largest copper producers and their workers. At BHP's Escondida mine, negotiations were delayed due to a fatal accident earlier this month.

Copper prices have been climbing in recent months, with the metal reaching a record high of US$14,875 in September. It is currently headed for a 9% monthly gain and has shown signs of tightness in physical markets.