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Copper Market Morning Review: Today's LME metals market was mixed, with London copper falling into 0.
1%
as of around 9:30 a.
m.
Domestically, most non-ferrous metals were green, with international copper falling by nearly 0.
6% and Shanghai copper falling by nearly 0.
5%.
Copper prices corrected downward on Thursday, falling nearly 1% on the day to 68,590 yuan a tonne
.
Amid the global central bank meeting, market concerns intensified, and the entire non-ferrous metals sector fell under pressure
.
On the macro front, global central banks will continue to maintain their current ultra-loose monetary and fiscal policies in the short term, but the recent strengthening of the Fed's taper expectations has led to a sharp strengthening of the US dollar, which is not very favorable
for the overall non-ferrous metals sector, including copper.
Fundamentally, BHP Billiton Chile's Cerro Colorado copper miners' union leader said the union had called on its members to reject the company's offer for a final contract, paving the way
for a strike at the small copper mine.
Labor tensions came shortly after the court ordered the mine to stop pumping water from a reservoir that provided it with fresh water
, citing environmental concerns and slow progress on a major mine maintenance project.
Union leader Marcelo Franco said BHP used its regulatory problems as an excuse to drive down workers' wages
with inadequate contract proposals.
