Workers’ union representing a third of the 32K workforce sent a notice to Freeport McMoRan's Indonesia unit threatening to strike from May 1 to the end of the month at the Grasberg mine after the company laid off around 10% of its Grasberg workforce due to a contract dispute with the government.
Apart from this, sharp decline in LME stocks acted as a positive factor. Currently, Copper stocks at the LME warehouses stand at 253,675 tonnes, lowest since March 3rd, 2017.
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