The spot price of copper, reacting to news out of Chile that about 10,000 workers at the government-owned Chile Copper Corp. had gone on strike over salaries in early July, gained almost two cents on the Commodity Exchange of New York.
The Comex July contract price rose to more than US$1.03 per lb. The copper price had been hovering at the US$1 level.
The company’s Chuquicamata open pit mine is the largest copper mining operation in the world. With output of 667,000 tonnes copper in 1990, the mine accounted for about half of the South American nation’s copper production that year.
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