Jiangxi Copper Co Ltd Wants Glencore's Las Bambas, Scrap Price Up

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Jiangxi, China’s biggest copper producer, may go in on a venture with Chinalco Mining Corp International, according to Reuters, to get the Peruvian mine.

“Glencore’s Peru mine is scheduled to produce 400,000 tons of copper a year starting in 2015 for at least five years. Jiangxi Copper already has operations in Peru. It owns 40 percent of the Northern Peru copper mining project, which is expected to start production between 2014 and 2016. State-owned China Minmetals Non-Ferrous Metals owns 60 percent of the mine,” according to a recent article.

Today’s Copper Market

The day’s biggest mover broke away from a static phase with a 5.5 percent jump on Friday, August 23 – after three changeless days, the price of Chinese bright copper scrap ended up that much higher.

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The price of Chinese copper wire finished the market day up 0.1 percent per metric ton. Chinese copper bar held its value last Friday. The Chinese copper cash price remained essentially flat.

The cash price of primary Japanese copper saw a 0.7 percent decline. After a 0.5 percent increase, the price of US copper producer grade 122 finished the day higher. The price of US copper producer grade 110 gained 0.5 percent. The price of US copper producer grade 102 increased 0.5 percent also.

Following a 1.4 percent rise last Friday, the primary copper cash price closed on the LME at $7,340 per metric ton. Also on the LME, the copper 3-month price rose 1.3 percent to $7,367 per metric ton.

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