Rio Tinto's Copper Exec is Oyu Tolgoi's New CEO; Prices Mixed

Rio Tinto’s Craig Kinnell is apparently the one to deal with the Mongolian government now.

Via Reuters: “Kinnell takes over at a tricky time as Rio Tinto is trying to resolve disputes with the Mongolian government over terms for $4.2 billion in project financing to fund an expansion at Oyu Tolgoi, which is crucial to Rio’s and Mongolia’s growth.”

On MetalMiner’s daily price index, the cash price of Japanese copper saw the biggest upwards shift for the day, rising 0.4 percent on Wednesday, September 11.

* Get the complete prices every day on the MetalMiner IndX℠

Weakening prices followed two days of improvement as the price of US copper producer grade 110 dropped 0.3 percent. After improving for two days, the price of US copper producer grade 122 declined 0.3 percent. Following a couple days of improvement, the price of US copper producer grade 102 weakened by 0.2 percent.

Chinese copper prices were flat for the day. The price of Chinese copper bar showed little movement yesterday. The Chinese copper cash price remained essentially flat. Chinese copper wire held its value on Wednesday. The price of Chinese bright copper scrap remained steady.

The primary copper cash price declined 0.3 percent on the LME to $7,171 per metric ton, after two days of improvement. Following two days of rising prices, the 3-month price of copper dropped 0.3 percent on the LME to $7,205 per metric ton.

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