Base Metals Preview: MCX Copper Breaches Important Resistance of INR 450

Indian Copper prices broke all important Rs 450 mark in yesterday outing. Further moving upwards prices will be nearing to Rs 455 and 460 mark in the coming trades.

Just as labor tensions ease at BHP Billiton Ltd.s giant Escondida mine, the copper industry has another iconic mine to worry about. Relations between the worlds largest copper producer, Codelco, and unions in its Chuquicamata division have reached the lowest point in years as the mine transitions from open pit to an underground model that will use more automation and employ fewer workers.

The five unions representing more than 5,000 workers at Codelcos oldest open pit are threatening to dial up protests. They say the Chilean state-owned company is transitioning to underground without a prior agreement with unions on retirement plans, contracts and other benefits.