Striking workers at the globe's biggest copper mine agreed to accept an offer that is expected to end a 14-day strike, Reuters reports.
The Escondida mine in Chile was not producing the industrial metal, prompting significant apprehension about a dearth in global supply. Miners might return to work as soon as Friday evening, the union leader told the wire service.
Resolution of the strike "might remove some of that (price) support, but I think what's going to be far more influential to prices is what happens on the macro front over the next [few] days," analyst Gayle Berry with Barclays Capital in London.
At 10:13 a.m. on Friday, copper futures dropped 1.16 percent, a .049 cent loss to $4.1865 per pound.
The mine might have lost as many as 40,000 tons of copper as a result of the labor strike, according to Reuters. The mine helps push Chile as the globe's top supplier of the industrial metal.
Bloomberg reports Chinese demand for copper might help the commodity's price stay higher than $4 per pound. China is the globe's top consumer of copper.
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