Indian Copper was trading at Rs 476.9 per kg, up 0.42%. The prices of Copper tested a high of Rs 477.7 per kg, and a low of Rs 473.1 per kg.
Workers at the Escondida copper mine in Chile put down quite a marker in the third round of contract negotiations with part-owner and operator BHP. The union is demanding a one-time bonus equivalent to 4% of dividends distributed to BHP shareholders in 2017.
That works out to about $ 34,000 per worker. It would be the biggest bonus payout to mineworkers ever in Chile. The union also wants a wage increase of 5%, which is more than double the inflation rate in the South American nation. BHP has until next Friday to respond, but after two rounds of failed talks, the reception of the proposals is likely to be cool. That means Escondida is responsible for nearly 5% of the worlds primary copper supply.