To make sure, there are a number of contracts nonetheless pending — together with at Codelco’s sprawling El Teniente mine — totaling about 752,000 metric tons of provide, in line with information compiled by BTG Pactual. However that’s down from the three.35 million tons in danger firstly of the 12 months.
“Provide threat derived from strike motion is receding as most 36-month collective labor agreements have been fulfilled,” BTG Pactual analyst Cesar Perez-Novoa stated in a written response.
Corporations are having to spend extra to get contracts signed, though the pullback in copper costs from a record-high in Might in all probability has helped persuade staff to lock in offers. For the market, waning strike threat in Chile will assist ease considerations over tightness within the provide of focus — the uncooked materials used to feed smelters.
(By James Attwood)
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