Copper

Copper may surge on spill-over effect from Zambian oil workers' strikeLONDON (AFX) - A strike at Zambia's sole oil refinery, Indeni, may spill-over to push copper prices higher.Zambian mines rely heavily on oil and any disruption to production will dent global supply of the metal.The country's 500,000-tonne a year copper industry could suffer, as a "similar thing happened last year and had a knock on effect on (copper) prices" said Standard Chartered analyst, Tariq Salaria."The Zambian copper market is reliant on this one oil refinery, which serves the whole industry." The refinery processes up to 20,000 bpd.Reports said negotiations between management and the National Union of Transport and Allied Workers Union failed to reach an agreement, forcing management to halt operations.At 4.23 pm, LME copper for three month delivery was down 5 usd at 5,805 usd a tonne against 5,810 usd at the close Friday.