Strike to hit Teck's Quebrada
Blanca copper mine on Wednesday - A strike is going to hit Teck
Resources’ copper mine Quebrada Blanca in Chile on Wednesday due to a failure
to agree on contracts mediated by the government, the mine’s labor union said
on Tuesday. The mine has produced 17,300 mt of copper this year. Teck Resources
is considering to invest $4.7 billion for the mine for a second-stage
exploration and would make the decision in the second quarter of next year. SMM
believes the strike will have little impact on copper supply due to its
relatively small output.
Oil prices recover on big U.S. crude stock drawdown,
pipeline shutdown supports - Oil prices rose on Wednesday as
industry data showed a larger-than-expected drawdown in U.S. crude stockpiles,
while expectations for an extended shutdown of a major North Sea crude pipeline
also continued to bolster markets.Britain's biggest pipeline from its North Sea
oil and gas fields is likely to be shut for several weeks for repairs, its
operator said on Tuesday. The pipeline, which carries about 450,000 barrels per
day (bpd) of Forties crude, was shut after cracks were found. It has particular
significance to global markets because Forties is the largest out of the five
crude oil streams that underpin the dated Brent benchmark.A number of
producers, including BP (LON:BP) and Royal Dutch Shell (LON:RDSa), said they
had closed down oil fields in response. "Four weeks is much longer than
most projections," said Tomomichi Akuta, senior economist at Mitsubishi
UFJ Research and Consulting in Tokyo. "The pipeline incident came just
when the markets are tightening on coordinated production cuts."
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