January 18, 2018, 10:27 pm
Facebook iconTwitter iconYouTube iconGoogle+ icon
1 Philippine Peso = 0.07263 UAE Dirham
1 Philippine Peso = 2.14992 Albanian Lek
1 Philippine Peso = 0.03521 Neth Antilles Guilder
1 Philippine Peso = 0.37318 Argentine Peso
1 Philippine Peso = 0.02474 Australian Dollar
1 Philippine Peso = 0.03521 Aruba Florin
1 Philippine Peso = 0.03956 Barbados Dollar
1 Philippine Peso = 1.63687 Bangladesh Taka
1 Philippine Peso = 0.03163 Bulgarian Lev
1 Philippine Peso = 0.00745 Bahraini Dinar
1 Philippine Peso = 34.63172 Burundi Franc
1 Philippine Peso = 0.01978 Bermuda Dollar
1 Philippine Peso = 0.02627 Brunei Dollar
1 Philippine Peso = 0.13568 Bolivian Boliviano
1 Philippine Peso = 0.06382 Brazilian Real
1 Philippine Peso = 0.01978 Bahamian Dollar
1 Philippine Peso = 1.25445 Bhutan Ngultrum
1 Philippine Peso = 0.19324 Botswana Pula
1 Philippine Peso = 395.96518 Belarus Ruble
1 Philippine Peso = 0.03951 Belize Dollar
1 Philippine Peso = 0.02456 Canadian Dollar
1 Philippine Peso = 0.01896 Swiss Franc
1 Philippine Peso = 11.96895 Chilean Peso
1 Philippine Peso = 0.12736 Chinese Yuan
1 Philippine Peso = 56.62579 Colombian Peso
1 Philippine Peso = 11.15506 Costa Rica Colon
1 Philippine Peso = 0.01978 Cuban Peso
1 Philippine Peso = 1.77275 Cape Verde Escudo
1 Philippine Peso = 0.40883 Czech Koruna
1 Philippine Peso = 3.49743 Djibouti Franc
1 Philippine Peso = 0.1197 Danish Krone
1 Philippine Peso = 0.95886 Dominican Peso
1 Philippine Peso = 2.24462 Algerian Dinar
1 Philippine Peso = 0.25141 Estonian Kroon
1 Philippine Peso = 0.34978 Egyptian Pound
1 Philippine Peso = 0.53817 Ethiopian Birr
1 Philippine Peso = 0.01607 Euro
1 Philippine Peso = 0.03956 Fiji Dollar
1 Philippine Peso = 0.01433 Falkland Islands Pound
1 Philippine Peso = 0.01431 British Pound
1 Philippine Peso = 0.08957 Ghanaian Cedi
1 Philippine Peso = 0.9371 Gambian Dalasi
1 Philippine Peso = 177.94699 Guinea Franc
1 Philippine Peso = 0.14509 Guatemala Quetzal
1 Philippine Peso = 4.07219 Guyana Dollar
1 Philippine Peso = 0.15475 Hong Kong Dollar
1 Philippine Peso = 0.46509 Honduras Lempira
1 Philippine Peso = 0.11922 Croatian Kuna
1 Philippine Peso = 1.25771 Haiti Gourde
1 Philippine Peso = 4.9644 Hungarian Forint
1 Philippine Peso = 263.35047 Indonesian Rupiah
1 Philippine Peso = 0.06775 Israeli Shekel
1 Philippine Peso = 1.266 Indian Rupee
1 Philippine Peso = 23.41772 Iraqi Dinar
1 Philippine Peso = 723.08147 Iran Rial
1 Philippine Peso = 2.02255 Iceland Krona
1 Philippine Peso = 2.43928 Jamaican Dollar
1 Philippine Peso = 0.01399 Jordanian Dinar
1 Philippine Peso = 2.18216 Japanese Yen
1 Philippine Peso = 2.03224 Kenyan Shilling
1 Philippine Peso = 1.37189 Kyrgyzstan Som
1 Philippine Peso = 79.26622 Cambodia Riel
1 Philippine Peso = 8.12896 Comoros Franc
1 Philippine Peso = 17.80063 North Korean Won
1 Philippine Peso = 21.02452 Korean Won
1 Philippine Peso = 0.00594 Kuwaiti Dinar
1 Philippine Peso = 0.01622 Cayman Islands Dollar
1 Philippine Peso = 6.47765 Kazakhstan Tenge
1 Philippine Peso = 163.7856 Lao Kip
1 Philippine Peso = 29.88528 Lebanese Pound
1 Philippine Peso = 3.04292 Sri Lanka Rupee
1 Philippine Peso = 2.5093 Liberian Dollar
1 Philippine Peso = 0.24248 Lesotho Loti
1 Philippine Peso = 0.0603 Lithuanian Lita
1 Philippine Peso = 0.01227 Latvian Lat
1 Philippine Peso = 0.02646 Libyan Dinar
1 Philippine Peso = 0.18183 Moroccan Dirham
1 Philippine Peso = 0.33356 Moldovan Leu
1 Philippine Peso = 0.98418 Macedonian Denar
1 Philippine Peso = 26.46361 Myanmar Kyat
1 Philippine Peso = 47.8837 Mongolian Tugrik
1 Philippine Peso = 0.1593 Macau Pataca
1 Philippine Peso = 6.96203 Mauritania Ougulya
1 Philippine Peso = 0.64676 Mauritius Rupee
1 Philippine Peso = 0.30795 Maldives Rufiyaa
1 Philippine Peso = 14.11195 Malawi Kwacha
1 Philippine Peso = 0.37086 Mexican Peso
1 Philippine Peso = 0.07803 Malaysian Ringgit
1 Philippine Peso = 0.24161 Namibian Dollar
1 Philippine Peso = 7.0807 Nigerian Naira
1 Philippine Peso = 0.6072 Nicaragua Cordoba
1 Philippine Peso = 0.15518 Norwegian Krone
1 Philippine Peso = 2.0265 Nepalese Rupee
1 Philippine Peso = 0.02715 New Zealand Dollar
1 Philippine Peso = 0.0076 Omani Rial
1 Philippine Peso = 0.01978 Panama Balboa
1 Philippine Peso = 0.06341 Peruvian Nuevo Sol
1 Philippine Peso = 0.0624 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.18473 Pakistani Rupee
1 Philippine Peso = 0.06706 Polish Zloty
1 Philippine Peso = 110.52215 Paraguayan Guarani
1 Philippine Peso = 0.07202 Qatar Rial
1 Philippine Peso = 0.07488 Romanian New Leu
1 Philippine Peso = 1.11739 Russian Rouble
1 Philippine Peso = 16.52987 Rwanda Franc
1 Philippine Peso = 0.07417 Saudi Arabian Riyal
1 Philippine Peso = 0.15387 Solomon Islands Dollar
1 Philippine Peso = 0.26503 Seychelles Rupee
1 Philippine Peso = 0.13841 Sudanese Pound
1 Philippine Peso = 0.15847 Swedish Krona
1 Philippine Peso = 0.02609 Singapore Dollar
1 Philippine Peso = 0.01433 St Helena Pound
1 Philippine Peso = 0.4392 Slovak Koruna
1 Philippine Peso = 150.90981 Sierra Leone Leone
1 Philippine Peso = 10.85839 Somali Shilling
1 Philippine Peso = 393.89636 Sao Tome Dobra
1 Philippine Peso = 0.17306 El Salvador Colon
1 Philippine Peso = 10.18552 Syrian Pound
1 Philippine Peso = 0.24175 Swaziland Lilageni
1 Philippine Peso = 0.63054 Thai Baht
1 Philippine Peso = 0.04769 Tunisian Dinar
1 Philippine Peso = 0.04409 Tongan paʻanga
1 Philippine Peso = 0.07507 Turkish Lira
1 Philippine Peso = 0.13281 Trinidad Tobago Dollar
1 Philippine Peso = 0.5839 Taiwan Dollar
1 Philippine Peso = 44.34335 Tanzanian Shilling
1 Philippine Peso = 0.56547 Ukraine Hryvnia
1 Philippine Peso = 71.79588 Ugandan Shilling
1 Philippine Peso = 0.01978 United States Dollar
1 Philippine Peso = 0.56468 Uruguayan New Peso
1 Philippine Peso = 160.81883 Uzbekistan Sum
1 Philippine Peso = 0.19729 Venezuelan Bolivar
1 Philippine Peso = 449.14952 Vietnam Dong
1 Philippine Peso = 2.0449 Vanuatu Vatu
1 Philippine Peso = 0.04966 Samoa Tala
1 Philippine Peso = 10.5352 CFA Franc (BEAC)
1 Philippine Peso = 0.0534 East Caribbean Dollar
1 Philippine Peso = 10.5352 CFA Franc (BCEAO)
1 Philippine Peso = 1.90645 Pacific Franc
1 Philippine Peso = 4.94363 Yemen Riyal
1 Philippine Peso = 0.24183 South African Rand
1 Philippine Peso = 102.64043 Zambian Kwacha
1 Philippine Peso = 7.15783 Zimbabwe dollar

Threat of strikes looms large for copper

By Andy Home

LONDON- Unionised workers at the Quebrada Blanca copper mine in Chile walked off the job last week after failing to agree on a new labor contract. 

It’s the third strike at a South American copper operation in almost as many weeks.

A three-week strike at Southern Copper’s Peruvian operations has just ended, while one of the unions at the giant Escondida mine in Chile held a one-day “warning” strike on Nov. 23.

None of this labor strife has had much discernible impact on the copper price.

That’s partly because any bullish enthusiasm about fundamentals has been overwhelmed by a mass exodus of fund money over the last couple of weeks.

Funds have slashed their collective net long positioning on the COMEX copper contract from over 125,000 contracts at the start of September to a current 48,384.

And in part it’s because in all three cases only one of several unions has been involved, allowing operators to minimize the impact on production.

However, it’s an early sign of what is likely to be a defining feature of the market next year as an unusually high number of labor contracts come up for renewal.

According to analysts at Citi bank, there are over 30 labor contracts, covering around five million tons of mine supply, due to expire next year, most of them in Chile and Peru. 

Analysts at Barclays Capital come up with even more contracts, 38, covering even more production, over seven million tons, by including a batch of contracts expiring this month.

The number of labor contracts due for renewal is the largest since 2010, according to Barclays.

“To give context, from 2011 to 2016, the average amount of supply at risk from contract renewal disputes averaged 1.69 million tons with an average of 12 contracts up for renewal,” the bank notes.

The list of potential disruptions ahead includes some of the world’s largest copper mines.

Antamina and Cerro Verde in Peru, with output of 430,000 tons and 520,000 tons last year respectively, will see contracts expire in July and August.

In Chile, state-owned Codelco alone has 19 contracts up for renegotiation across its divisions, according to Barclays.

But looming largest of all is Escondida, where the deadline is the end of June.

Escondida experienced a 44-day strike in the first quarter of this year, cutting production by 214,000 tons, according to operator BHP Billiton.

This is the world’s largest single mine and the walk-out depressed Chile’s overall copper production profile.

National output fell by 14 percent in the first quarter and although the impact has since faded, Chilean production is still playing catch-up with cumulative output through October two percent off last year’s pace.

The strike also affected broader market sentiment, refocusing attention on copper’s notoriously disruption-prone supply chain and laying the foundations for London three-month metal’s subsequent third-quarter ascent to the $7,000-per ton level

Critically, however, the walk-out ended with absolutely zero resolution of the underlying differences between management and unions.

Unions invoked a rarely used provision of Chilean labor law, Article 369, to extend the old contract with its existing terms.

They did so because BHP Billiton wouldn’t budge on any of the core points of dispute and because a new law, effective last April, tilts the playing field in the unions’ favor by forcing companies to offer the minimum benefits of the previous contract in any new contract.

From the unions’ perspective, the call to end the strike was no more than a strategic retreat ahead of renewed battle this year.

Indeed, skirmishing has already started, judging by the one-day walk-out to protest against 120 job cuts, which union leaders view as a “reprisal” for this year’s stoppage.

The political climate in Chile has just changed again with the election of conservative Sebastian Pinera as the country’s president.

But facing a divided Chilean Congress and a leftist coalition that has already pledged to defend the legacy of outgoing President Michelle Bachelet, the chances of Pinera revoking the new labor laws before Escondida’s mid-year contract deadline look thin.

There may be one or two obvious flash-points on the labor contract horizon such as Escondida, but no-one is suggesting there will be 30 plus strikes next year.

However, the sheer number of contract renewals will at the very least generate a continuous stream of bullish media headlines and analysts are already adjusting their “disruption allowances” in calculating next year’s copper market balance.

Which begs the question as to what sort of cushion exists against the possibility of production hits from strikes over the course of 2018.

A key offset to this year’s lost output at Escondida was the simultaneous surge in scrap copper supply as higher prices incentivized the release of material accumulated during the price trough of 2015-2016.

That scrap surge is still in effect, albeit with fading momentum.

All other things being equal, there should be less scrap to cushion potential mine disruption next year.

The copper scrap sector, however, is itself in flux right now, with China threatening to tighten controls on imports of lower-grade material at the end of 2018.

The consensus is that scrap flows will over time adjust to the new rules, with affected material diverted to other Asian countries for preliminary treatment.

But in the shorter term, what Barclays terms “the temporary dislocations in the scrap supply chain” could generate both bear and bull outcomes, depending on how the Chinese ban plays out.

Copper supply, in other words, is next year facing two big “known unknowns” in the form of the potential disruption to both primary mine and secondary parts of the chain.

It is the former that will grab most of the headlines, a process that has already started. - Reuters
Rating: 
No votes yet

Column of the Day

About noxious candles; man’s cunning

By DAHLI ASPILLERA | January 19,2018
‘Few things set the romantic atmosphere of the gentle flicker of a fragrant candle’s flame, be it on the dining table, in the bathroom, on the backyard table on a starry night.’

Opinion of the Day

Carpio’s terms for PH Rise research

By ELLEN TORDESILLAS | January 19, 2018
‘China should not be allowed to conduct marine scientific research in Philippine Rise which the United Nations Commission on the Law of the Sea has recognized as part of the Philippine extended continental shelf.’