Trade union representatives have protested over management's decision to cut overtime payments to the workforce for work during weekends, according to today’s “Parkiet” daily. The cut, which was inspired by a Supreme Court ruling in a similar case, would lead to PLN 40m in cost savings annually. We reiterate our Sell rating for KGHM with PLN 69.2 fair value estimate. We think that the stock will continue to trail the reversing trend on the global commodity markets, which are under pressure following fears that higher US interest rates could choke off growth in demand for copper and other industrial metals.