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BHP Group Avert Strike Action, FX Intervention Volumes

  • Chile’s central bank will sell just $50m on the spot market per day from Sept. 12 to Sept. 15 as part of its $25b intervention program in the FX market, according to a statement.
    • Will also roll over $2.565b in FX forwards next week.
    • Will buy $400m in FX swaps, half of the amount on Sept. 12, the other half on Sept. 14.
  • In potentially welcome news for the global copper market, BHP Group’s Escondida mine has dodged strike action, for now, after union leaders in Chile agreed to participate in mediated talks in a bid to resolve safety concerns at the world’s biggest copper complex.
    • The talks involving labor and mining authorities will avert next week’s protests. Still, the union warned that if the company doesn’t agree to improve safety conditions it would initiate an indefinite strike.
  • Disapproval of President Gabriel Boric jumped to 60% from 54% right before Chileans rejected a new constitution at a key referendum on Sept. 4, according to the latest Cadem poll. The figure is the highest since July 01.

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