Copper price bounces back on Chile supply concerns

Increasing supply worries after Vale warns of another dam burst.

The reports come after U.S. President Donald Trump and Canadian Prime Minister Justin Trudeau discussed the tariffs earlier on Friday.

According to a document published on Thursday, prosecutors said Vale is predicting the dam in the city of Barao de Cocais may collapse next week.

Europe's second-largest copper producer also posted its best quarterly results in the last three years, with revenue rising by PLN 1.2 billion (about $312 million).

Miner logged a pre-tax loss for the period of £352,553, compared to a £602,678 loss a year before, as administrative expenses almost halved.

The deal includes a signing bonus and other benefits that total $11,600 per worker, in addition to a salary raise of around 1%.

Vale expects to produce 75 million tonnes this year from the S11D operation in Carajas Serra Sul, its biggest mining project ever.

Average annual gold output would increase to more than 550,000 ounces in the five-year period 2020 – 2024, and over 400,000 ounces during the remaining seven years.

A trade war between the United States and China is depressing the price of copper and the red metal would be 5% to 15% higher without the dispute, Jean-Paul Luksic told El Mercurio.