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Copper faces threat of Chile mine strike

Copper faces threat of Chile mine strike

Commodities: today’s 10 top stories 

  • Copper markets were facing the prospect of workers’ strike at Chilean mines accounting for about 14% of global output
  • Norwegian oil company Statoil is to resume work on a large North Sea project
  • Almost 95% of US crude oil futures volume is generated by day trading says CFTC
  • Investors withdrew $6.9bn from commodity markets in May, compared with $8bn for the entire last quarter of 2008 estimates says Barclays Capital
  • WTO says Beijing’s imposition of export duties and quotas on a variety of metal ores and other materials is illegal under its rules
  • Chinese coal miner Shenhua will own 40% of the project to develop part of Mongolia’s Tavan Tolgoi coal deposit
  • Growing Chinese demand for nuts has sent prices of cashews and other snacks to record levels
  • Minara Resources has placed nickel production on standby a week after the acid plant at its ore processing facility was shut down
  • Australia’s iron ore exports should rise 3% to 414 million tonnes this year before climbing to 459 million tonnes in 2012, according to government data
  • Tullow Oil’s revenue for the half year ending 30 June was a record $1.05bn compared with $486 million last year

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