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Plant Workers At Codelco's Andina Reject Wage Offer, Prolongs Strike

CHILE
  • Chile – The uptick in risk, pressure on the greenback and recovery in Copper prices prompted a gap lower in USDCLP at yesterday's open just above 780. A slow gradual reversal saw the pair close around 785 but notably below last Friday's close of 786.77.
    • Dips are considered technically corrective and the focus is on 795.73, the Aug 9 high. Key support lies at 768.33, Aug 12 low.
  • Plant workers at Codelco's Andina copper mine rejected management's latest wage offer, prolonging a stoppage at the central Chilean operation.
    • A stoppage at Andina, which produced almost 1% of global output last year, adds to labour tensions workers at a mine owned by JX Nippon Mining & Metals are also on strike.
    • Workers at several mines in Chile are being emboldened by surging company profits and a bumper bonus package agreed to earlier this month at BHP Group's Escondida operation. (BBG)
  • DATA Today: 1400BST/0900ET: Chile July PPI M/m, prior -0.8%

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