The short-term global mining outlook – of which the copper market plays no small part – is a bit dim, going by Caterpillar Inc.’s mining truck production forecast.
According to William Blair analyst Lawrence De Maria, quoted in Seeking Alpha, “Caterpillar (CAT) is unlikely to increase production of mining trucks at its Decatur plant – where the company has been laying hundreds of people off – until H2 next year…there are no signs of an increase in output despite a fall of 50%, with flat probably being the “best case” going forward.”
Copper Price Roundup
The Japanese copper cash price saw a 0.4 percent rise on Tuesday, August 27. The price of US copper producer grade 110 changed direction with a 0.7 percent drop.
Chinese copper closed mixed on Tuesday. Chinese bright copper scrap rose 4.6 percent. The price of Chinese copper wire declined 0.6 percent, after two days of improvement. Chinese copper bar closed 0.5 percent lower. The cash price of Chinese copper fell 0.5 percent.
The copper 3-month price showed little movement on Tuesday on the LME at $7,331 per metric ton. Also on the LME, the primary copper cash price showed little movement yesterday, hovering around $7,300 per metric ton.