MCX BASE METAL UPDATE

As per MCX www.crudeoperator.com intraday research Mumbai base company report for :

 Copper prices fell as striking miners held talks 

Copper prices pulled back Wednesday, ahead of renewed talks between striking workers and management at the world's largest copper mine. Union workers at Chile's Escondida mine in the Atacama Desert said they would begin talking with management, after five days of striking. The mine is majority-owned by BHP Billiton Ltd. The union went on strike last Thursday over what they said were plans to cut worker benefits after government mediation between the two parties broke down. A quick resolution would most likely put some pressure on copper prices, with the market expecting a lengthy strike. A stronger dollar was also weighing on the metal on Wednesday, after Federal Reserve Chairwoman Janet Yellen raised expectations for a rate increase next month. The union talks come amid a supply pinch, after Freeport-McMoRan Inc. said it had stopped production at its Grasberg mine in Indonesia because it had not yet received an export license for the mine, following new regulations for exports introduced by the government in mid-January. Nickel rose to a 10-week high on Wednesday after the Philippines Department of Environment and Natural Resources said Tuesday that it planned to cancel 75 contracts with mining companies because of environmental concerns. However, those projects aren't yet producing nickel, so the cancellations are more likely to affect long-term production and prevent new mining projects

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