Codelco Begs Banks as Last Resort, LME Copper Price Jumps

Chile’s Codelco, the world’s largest copper producer, needs a little help from its (financial) friends.

Via Reuters: “The Chilean government, which receives all of the firm’s profits, has said it will give back $1 billion of its 2012 proceeds to help the miner meet financing needs. Codelco said it needs more. The company’s battle for capital comes as it struggles to rein in costs while global copper prices tumble.”

Rising 3.5 percent to close at $7,157 per metric ton, the 3-month price of copper experienced the biggest change on the LME for Friday, August 9. Last Friday, the primary copper cash price experienced a large decrease, rising 3.3 percent on the LME to land at $7,121 per metric ton.

After a 2.6 percent increase, the price of US copper producer grade 122 finished the day higher as well.

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The price of US copper producer grade 110 gained 2.6 percent, while grade 102 increased 2.5 percent. The Japanese copper cash price fell 0.7 percent.

Chinese copper wire finished the market day up 0.5 percent per metric ton. Chinese copper bar finished the day up 0.3 percent. The cash price of Chinese copper rose 0.3 percent. The price of Chinese bright copper scrap remained essentially flat.

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