MMG Ltd. and Jiangxi Copper Co. have submitted separate bids for Glencore Xstrata PLC’s Peruvian copper project, reports The Wall Street Journal.
“At stake is one of the world’s largest copper-mining assets, providing a rare opportunity for the eventual buyer. The Las Bambas mine, which isn’t producing copper yet, will cost an estimated $5.9 billion to complete…The interest in Las Bambas from China, the world’s largest copper buyer, underscores Beijing’s continued interest in securing supplies of the metal overseas, despite the country’s slowing economy. An 8.4% decline in global copper prices this year has sparked interest from Chinese miners looking to get bargains.”
Prices for Chinese copper bar saw the biggest increase on the weekly Copper MMI® this week, rising 1.5 percent. The cash price of Chinese copper rose 1.5 percent over the past week. Chinese copper wire prices ticked up 1.4 percent over the past week. The week finished with no movement for Chinese bright copper scrap.
Following a 0.3 percent increase in the week prior, the cash price of primary Japanese copper fell 1.1 percent last week. The price of US copper producer grade 122 fell 1.0 percent after rising 3.4 percent the week before. Following a 3.4 percent increase in the week prior, the price of US copper producer grade 110 fell 1.0 percent last week. The price of US copper producer grade 102 fell 1.0 percent after rising 3.2 percent the week before. Korean copper strip prices held steady from the previous week.
Following a 3.6 percent increase in the week prior, the 3-month price of copper fell 1.2 percent on the LME last week to $7,245 per metric ton. The primary copper cash price fell 1.1 percent on the LME to $7,220 per metric ton after rising 3.7 percent the week before.
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.