Good news for Chile!
The government reported that 492,883 tonnes of copper were produced in August, a 7.6 percent increase from a year earlier, as production recovered at the Collahuasi mine and new projects came on line, reports Reuters.
“The metal makes up more than half of Chile’s exports by value. Although the price of copper is on track to record its best quarter since March 2012 on steadying global growth, forecasts of a long-term price decline have reined in government spending.”
The price of Chinese copper bar closed up Friday, September 27, halting two days of weakening prices with a 1.2 percent shift. The Chinese copper cash price is back up, rising by 1.1 percent last Friday. Chinese copper wire saw its price rise 0.7 percent. The price of Chinese bright copper scrap was unchanged.
The price of US copper producer grade 122 rose 0.5 percent. The price of US copper producer grade 110 finished the market day up 0.5 percent per pound. After a 0.5 percent increase, the price of US copper producer grade 102 finished the day. The Japanese copper cash price rose 0.3 percent after a two-day drop.
On the LME, the cash price of primary copper rose 0.9 percent. Also on the LME, the copper 3-month price rose 0.8 percent.