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Markets Reopen Following Holiday, Codelco Strike Begins

CHILE
  • Workers at Chile’s state-owned copper producer Codelco began a strike Wednesday in protest over a decision to close a smelter, umbrella union FTC said.
    • Union leaders are pushing for investments to reduce emissions at the Ventanas smelter in central Chile rather than gradually shutting down the facility
    • Strike started in all divisions of the company, FTC confirmed in a text message.
  • A strike at Chile copper producer Codelco could knock as much as 0.3 percentage points off of quarterly year-on-year GDP growth for every week the stoppage lasts, Capital Economics’ economists wrote in a note Tuesday.

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