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Analysis: Chile’s big copper producers cheer price spike; wary of costs

RIO DE JANEIRO, BRAZIL - Mining firms in Chile, the world’s No.1 copper producer, are cheering a rally in the price of the red metal that hit a 10-year high this week, but warned that costs could rise as labor unions and vendors also try to cash in on the trend.

Benchmark copper on the London Metal Exchange climbed this week above US$9,000 a ton for the first time since 2011. Analysts said they were bullish that surging demand from the power and construction industries will overwhelm supply.

The price spike has prompted top financiers from . . .

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