Rio Tinto says “hold up, wait a minute,” Nelly-style, to its copper shipments from Mongolia’s Oyu Tolgoi mine.
The major mining company and copper producer told journalists that they’ll be a week late on bringing the red metal to market, according to Reuters. Rio Tinto Plc did not say why. Maybe they were too busy throwin’ down some rhymes…
Global copper prices, meanwhile, appeared muted to lower on the whole today:
The price of US copper producer grade 110 saw a 1.3 percent drop on Wednesday, June 19, making it the biggest mover of the day. The price of US copper producer grade 122 declined 1.3 percent also. The price of US copper producer grade 102 fell 1.2 percent. The cash price of primary Japanese copper saw little price change yesterday.
Chinese copper prices were mixed for the day. The cash price of Chinese copper rose 1.1 percent after a two-day drop. Chinese copper bar closed 0.8 percent lower. Chinese copper wire prices saw a 0.8 percent decline. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat.
The copper 3-month price weakened by 0.8 percent on the LME, settling at $7,010 per metric ton. The primary copper cash price saw a 0.7 percent decline on the LME to $6,970 per metric ton.