Copper price set for worst week since 2022 as China Plenum disappoints
Copper prices have retreated from a record hit in May on concerns about the strength of demand in China.
Codelco, the world’s largest copper producer, said on Thursday it had reached an early contract agreement with a union at its Radomiro Tomic mine.
The 36-month agreement does not impact salaries, but does include final bonuses for the equivalent of about $4,800 per worker.
“The agreement with the supervision of Radomiro Tomic also establishes variable incentives, which will be effective with the fulfillment of productivity and cost and contribution of resources to the State,” the company said in a statement.
Codelco largely maintained production amid the covid-19 outbreak by reducing staff, adjusting schedules and temporarily shelving projects at the pandemic’s peak.
(By Fabian Cambero and Dave Sherwood; Editing by Mark Potter)
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