BEIJING, Aug 15 (Reuters) – London copper prices extended losses into a fourth session on Wednesday after the union at the mammoth Escondida copper mine in Chile said talks with operator BHP would be extended by a day in the hopes of averting a planned strike. The union on Tuesday said it was closer to a contract agreement after days of closely-watched negotiations, amid fears of a repeat of last year’s strike at the world’s biggest copper mine, which dragged on for 44 days.
FUNDAMENTALS:
* LME COPPER: Three-month copper on the London Metal Exchange had edged down 0.2 percent to $6,0:36 a tonne by 0131 GMT, just above a one-year low of $5,988 seen in July. It closed down 1.8 percent in the previous session.
* SHFE COPPER: The most-traded October copper contract on the Shanghai Futures Exchange was down 1.5 percent at 48,940 yuan ($7,103.56) a tonne. It earlier touched 48,790 yuan a tonne, its lowest since July 23.
* CHILE: The union for Chile’s Escondida mine said it was closer to a contract agreement, although health benefits and some other sticking points must be ironed out before a deal can be reached.
* ANTO: Chilean copper producer Antofagasta announced first half earnings before interest, tax, depreciation and amortisation were down 16.2 percent versus a year earlier and said trade tensions were clouding the short-term copper demand outlook.
* USD: The dollar advanced to a 13-month peak on Tuesday against a basket of major currencies as traders increased their safe-haven holdings of the U.S. currency on worries about the fallout from the Turkish lira’s recent drop. A stronger dollar makes metals more expensive for holders of other currencies.
