Will an old copper mine next to the namesake river of one of the world’s largest miners come back online? With the copper markets and prices coming back up, it could be more likely.
Via Australia’s ABC News: “The red river in south-western Spain, the Rio Tinto, gave it’s name to the one of the world’s largest mining companies. The big miner used to own the Rio Tinto Copper Mine along the river, but it was sold and then mothballed more than 10 years ago because of low copper prices. Now European mining company EMED Mining, run by an Australian, wants to restart the mine.”
The biggest mover on the weekly Copper MMI® was US copper producer grade 122 price, which saw a 2.9 percent increase. This comes on the heels of a 0.5 percent decline the week prior.
The price of US copper producer grade 110 rose 2.9 percent after falling 0.5 percent during the previous week. The price of US copper producer grade 102 rose 2.7 percent after falling 0.5 percent during the previous week. The Japanese copper cash price rose 0.6 percent after falling 4.6 percent during the previous week. Prices for Korean copper strip remained constant.
Chinese copper wire saw its price shift up 2.2 percent. The price of Chinese copper bar rose 1.9 percent after falling 0.2 percent during the previous week. The Chinese copper cash price rose 1.9 percent after falling 0.2 percent during the previous week. The price of Chinese bright copper scrap did not change since the previous week.
The 3-month price of copper rose 2.2 percent on the LME over the past week to $7,157 per metric ton. This was the third week in a row of increasing prices. The cash price of primary copper rose 1.8 percent on the LME this week, closing out the third week at $7,121 per metric ton.
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