Copper prices have been trading above $3/lb this week and are expected to stay elevated next week because of potential threats to supply stemming from labor talks in South America. So say 11 of 17 analysts, investors and traders surveyed by Bloomberg. They say the copper prices on the London Metal Exchange (LME) will be higher next week than the $3.07/lb average for this week.
"Upward price momentum is strong," says analyst Gayle Berry at Barclays Capital in London. "Increasing tensions in Latin American labor negotiations add further upside risk to prices." Workers may strike soon at Minera Antamina, the Lima-based operator of the world's largest combined copper and zinc mine. Atop that, BHP Billiton, the world's biggest mining company, is evacuating its Spence copper mine in Chile after worker sabotage during a 38-day strike over pay.
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