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4/19/08

Codelco strike: You heard it here first


Remember this from April 2nd? That was when Otto told y'all about the looming Codelco subcontractors strike, and from then to now the sleeping bears couldn't understand why spot wouldn't move down. It's finally occurred to people that this is a news story.... after the fact. Here's Bloomie:

"......April 19 (Bloomberg) -- Chile's state-owned Codelco, the world's largest copper producer, stopped production at a third mine, El Teniente, as contract workers struck a fourth day over wages and benefits.

Codelco told its El Teniente mine workers to stay home after protests by workers employed by outside contractors led to arrests last night, said a spokesman for Santiago-based Codelco. He said the company's Andina and Salvador mines remain shut. The stoppage at state-owned..................."

That was Matthew Craze at bloomie doing his normal good work. Here's the Reuters version:

".......SANTIAGO, April 19 (Reuters) - A strike by Chilean mining subcontractors in its fourth day and denting output will keep state-run copper powerhouse Codelco's Andina and Salvador divisions closed through the weekend, the firm said on Saturday.

Codelco, the world's largest copper producer, said its Teniente division had resumed normal operations after a brief slowdown on Saturday due to........"

And there's a bunch of others on offer. Beats me why you need that thousand dollar Stratfor subscription when the real juice comes for free here (and two weeks before anyone else).

This may cause a short-term spike to over $4 for spot Cu when LME opens on Monday.....it may not. My gameplan of Cu basically channelling between $3.50 and $4 hasn't changed, though.

Got PCU?