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28-Jan2017

Copper futures end higher on Friday

Copper futures ended higher on Friday on the potential for reduced output from a possible labour strike in Chile and a Freeport-McMoRan, mine in Indonesia. At BHP Billiton-run Escondida in Chile, the worlds biggest copper mine, unionised workers on Tuesday rejected the firm's latest wage offer and asked workers to vote for a strike and prepare for an extended conflict. Meanwhile, Freeport-McMoRan, the world's biggest listed copper miner, warned this week it would need to start slashing output at its Indonesia mine to about 40 percent of capacity if it fails to get a government export permit. However, some gains were capped by stronger dollar, making metals priced in the dollar more expensive for holders of other currencies.

Copper futures for March delivery rose 0.6 percent to settle at $2.69 a pound on the Comex metals division of New York Mercantile Exchange. While, copper on the London Metal Exchange ended up 0.7 percent at $5,900 a metric ton.


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