Freeport will begin digging again soon, sources say. Or will they?
Via Reuters: “While maintenance activities at the open-pit [Papua copper] mine have resumed, the Freeport workers’ union has called for continued suspension of production until all investigations into the disaster are complete…Late last week, Freeport Chief Executive Richard Adkerson said the company was prepared to restart production relatively quickly and had taken the first steps of getting workers back and having training briefings.”
Current Copper Prices
The Japanese copper cash price experienced the biggest price decline of the day, dropping 3.4 percent on Monday, May 27. The prices of US copper producer grades 102, 110 and 122 held steady.
Chinese copper prices were mixed for the day. The price of Chinese copper wire fell 0.7 percent. Chinese copper bar fell 0.5 percent last Friday. The Chinese copper cash price fell 0.5 percent. The price of Chinese bright copper scrap was essentially unchanged.
The primary copper cash price weakened by 0.6 percent on the LME, settling at $7,239 per metric ton. The copper 3-month price saw a 0.6 percent decline on the LME to $7,275 per metric ton.