- The USD/CLP shows a marginal loss of 0.06% today.
- Workers at the Escondida copper mine in Chile have gone on strike after failing to reach a labour agreement with the BHP Group.
- Copper rebounds 2.63% to hit highs since August 1.
The USD/CLP opened the day with a high of 935.06, attracting aggressive sellers who pushed the pair to a daily low of 931.57. Currently, the US dollar is trading at 933.16 against the Chilean Peso, losing 0.06 on the day.
Workers at the world’s largest copper mine go on strike
The union at the Escondida copper mine in northern Chile has begun an indefinite strike after failing to reach an agreement in negotiations with the BHP Group (a company of Australian and British origin). The Escondida mine is considered the largest in the world, providing 5.4% of the world’s copper supply.
The workers’ demands focus on increasing rest time and compensating the dismissed workers for their entire working time and not up to a maximum of 11 years. BHP offered a bonus of $28,900 to each of the union members, however, the union rejected this, as it is demanding $36,000.
Following these events, the price of copper rose 2.6% in the American session, reaching a two-week high not seen since August 1 at $4.13.
Technical levels in the USD/CLP
USD/CLP established a key resistance zone at 960.00, pivot point from August 2. The nearest support zone is located at 904.90, which is confluent with the 23.6% Fibonacci retracement level. The next key support is located at 881.85, low from May 20. Selling pressure remains, as shown by the Relative Strength Index moving below the midline of 50.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
