Sumitomo, China Molybdenum, Rio Tinto Dance; Copper Scrap Price Rises

“China Molybdenum has cleared a key hurdle to taking control of Rio Tinto Northparkes copper mine, with Japan’s Sumitomo Metal Mining and Sumitomo Corp deciding not to match the Chinese miner’s $820 million bid,” according to Reuters. “Rio Tinto agreed to sell its 80 percent stake in the Australian copper mine to China Molybdenum Luoyang Co Ltd in July, subject to Sumitomo Metal Mining Co Ltd and Sumitomo Corp, which own the remaining 20 percent, waiving their rights to match the bid.”

Chinese bright copper scrap saw a 4.7 percent increase on Monday, September 2, making it the biggest upwards shift of the day.

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After falling for two days, the price of Chinese copper bar rose 0.7 percent. Following a two-day drop, the cash price of Chinese copper increased by 0.7 percent. The price of Chinese copper wire rose 0.6 percent after a two-day drop.

After falling for two days, the Japanese copper cash price rose 0.5 percent. The prices of US copper producer grades 102, 110 and 122 fell 0.5 percent.

On the LME, the cash price of primary copper declined 2.1 percent to $7,094 per metric ton. The 3-month price of copper weakened by 2.0 percent on the LME, settling at $7,122 per metric ton.

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