As copper prices are rising globally on our index, Glencore Xstrata, the merged commodities giant is producing the red metal in step.
Via the FT: “The recently merged commodities trader and miner managed to increase African output of the metal 42 per cent to 171,000 tonnes. However, outages and reduced recovery at other key mines in Chile and Peru held back overall growth in copper production to 20 per cent at 673,000 tonnes for the interim period to June 30.”
On Wednesday, August 14, the Japanese copper cash price experienced the biggest change, rising 1.0 percent. The price of US copper producer grade 110 finished the market day up 0.3 percent per pound. The price of US copper producer grade 122 gained 0.3 percent as well. After a 0.2 percent increase, the price of US copper producer grade 102 finished the day up.
Chinese copper closed mixed yesterday. Chinese copper bar gained 0.3 percent. The cash price of Chinese copper increased 0.3 percent. The price of Chinese copper wire increased 0.2 percent. The price of Chinese bright copper scrap saw essentially no change for the fifth day in a row.
On the LME, the copper 3-month price rose 0.6 percent to $7,315 per metric ton. Also on the LME, the primary copper cash price inched up 0.5 percent to $7,281 per metric ton.