BBG, DJI rely on Reuters exclusive on key Chile mine strike
11.23.2009
Reuters was far ahead of the competition on Nov 23 with news that Chilean workers at a BHP Billiton copper mine voted to end a prolonged strike that helped keep copper prices high. Reuters got exclusive confirmation of the vote outcome in the middle of the night from Spence mine worker union president Andres Ramirez. Traders in London said confirmation of the end of the strike was helped to cap a rally of copper prices, which surged to 14-month highs later the same day. Bloomberg filed a headline referring to the Reuters story more than two hours after the Reuters story. Dow Jones’ headline carried Reuters as the source on earlier news that BHP had reached a deal with the union. Reuters then followed the news with an exclusive with BHP saying Spence copper output was not expected to return to normal levels until January, providing clients with key details on the supply side.
MARKET IMPACT
- Copper price surged to 14-month highs