Following Mark Cutifani’s announcement that Anglo American will become more selective in its projects, Anglo has “withdrawn from a plan to develop a copper deposit in Alaska in a sign of its new chief executive’s desire to purge the miner’s pipeline of marginal projects. Anglo will take a $300m charge this year for withdrawing from Pebble, a joint venture with Canada’s Northern Dynasty Minerals,” according to the Financial Times.
On the weekly Copper MMI®, Chinese copper bar finished as the week’s biggest mover with a 1.1 percent decline. The cash price of Chinese copper fell 1.1 percent for the week. The price of Chinese copper wire declined 1.1 percent over the past week. The price of Chinese bright copper scrap rose 0.4 percent this week.
Following a 0.8 percent drop, the price of US copper producer grade 122 finished the week. The price of US copper producer grade 110 saw a 0.8 percent drop this week. The price of US copper producer grade 102 fell 0.7 percent last week. The Japanese copper cash price rose 0.4 percent over the past week. This was the third week in a row of increasing prices. The week finished with no movement for Korean copper strip.
The primary copper cash price closed last week at $7,043 per metric ton, after a 0.8 percent drop on the LME. The 3-month price of copper declined to $7,076 per metric ton after drifting 0.8 percent on the LME since last week.
The Copper MMI® collects and weights 12 global copper metal price points to provide a unique view into copper price trends. For more information on the Copper MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.