Copper and zinc futures were on the rise in Shanghai today following uncertainties in the copper market, including the possibility of a strike at Escondida and a brief blockade highlighting labour tensions at Codelco's Chuquicamata mine this week.
Workers at Escondida could go on strike for at least 30 days if BHP didn't agree to its wage demands although its priority was to continue talks, Sindicato No 1 president Patricio Tapia told Bloomberg in Antofagasta yesterday.
Spot gold was slightly lower than this time yesterday, around US$1,221 an ounce on the spot market.
Metals and miners were up 2.06% on London's FTSE100 yesterday with Anglo American (LSE: AAL) up 3.27% and Glencore (LSE: GLEN) up 2.94% as it reported increased copper output.
In Toronto metals and mining stocks gained across the board, up 1% overall yesterday thanks to the copper sector's rise of 4.76%.
First Quantum Minerals (TSX: FM) closed 6.06% higher. It had announced plans to extend its copper hedging programme when it released its June quarter results earlier this week.
Positive sentiment continued in Australian trade today with the S&P/ASX200 metals and mining equities up 1.1% at the time of writing.
Diversified Mineral Resources (ASX: MIN) was up more than 4.3% in afternoon trade and gold miner Saracen Mineral Holdings (ASX: SAR) was 4.8% higher after announcing its reserves had grown 20% to 2.5 million ounces.