Chile’s Codelco is trying to juice more copper out of its big and old mines, and it needs more money to do so.
Since the world’s biggest copper producer gives its profits to the Chilean government, it needs more than the $1 billion the government returned recently for its investment in new mine output among other things, according to Reuters.
Copper price movements today, however, are what Codelco and others like to see.
On Thursday, July 11, Chinese bright copper scrap jumped up 5.2 percent, making it the day’s biggest increase. Chinese copper wire saw its price rise 2.9 percent. Chinese copper bar finished the day up 2.5 percent. The Chinese copper cash price gained 2.5 percent.
The price of US copper producer grade 122 increased 0.8 percent. The price of US copper producer grade 110 finished the market day up 0.8 percent per pound. After a 0.8 percent increase, the price of US copper producer grade 102 finished the day up. The cash price of primary Japanese copper saw little movement on Thursday.
The cash price of primary copper rose 0.9 percent on the LME to $6,780 per metric ton after a two-day drop. Following a 0.8 percent rise yesterday, the 3-month price of copper closed on the LME at $6,785 per metric ton.