Rio Tinto, China Molybdenum Shake Hands On Copper Mine, Prices Drop

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Rio’s stake in the Northparkes copper mine in Australia goes to: China.

“‘Copper is seen as one of the preferred commodities by the investment market,’ said UBS analyst Glyn Lawcock, as quoted by Reuters, adding that BHP Billiton’s and Rio’s $3.4 billion investment on a water plant at the Escondida copper mine in Chile, announced last week, was evidence of bullish views on copper. ‘Obviously the Chinese are taking a view on the copper market as well,’ Lawcock said.”

On Friday, July 26, the day’s biggest mover was the cash price of primary copper, which saw a 2.1 percent decline on the LME to $6,927 per metric ton. Also on the LME, the copper 3-month price fell 2.1 percent to $6,948 per metric ton.

The Japanese copper cash price finished the market day up 1.1 percent per metric ton.

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The prices of US copper producer grades 102, 110 and 122 saw little change in its price last Friday.

Chinese copper wire finished the day down 0.6 percent. The price of Chinese copper bar declined 0.2 percent. The cash price of Chinese copper saw a 0.2 percent decline as well. Chinese bright copper scrap held its value last Friday.

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