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$BHP Workers Reject Wage Proposal in Chile, Copper Climbs

“Copper rose in New York after workers at BHP Billiton Ltd. (BHP)’s Escondida mine in Chilerejected a wage proposal.

Plant and mine-shift workers at Escondida “unanimously” rejected the proposal on Dec. 22, according to their union. The contract expires in July. Copper rose 3.9 percent this year.

“The workers at BHP’s Escondida, the largest copper mine, rejected the wage proposal for the coming year and this is likely to limit much downside due to fear of future supply disruptions,” Hyderabad, India-based Karvy Comtrade Ltd. wrote in a metals-market comment today.

Copper for delivery in March climbed 0.7 percent to $3.5705 a pound at 5:55 a.m. on the Comex in New York.”

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