About two months ago, Chile’s government began reviewing how its funding Codelco.
Codelco is “struggling to finance an ambitious, multi-year investment plan, previously estimated at about $27 billion…The government has awarded Codelco $1 billion for 2013, an amount which the miner deemed insufficient,” reports Reuters.
“‘We are analysing how we give Codelco money but have not made a decision yet. Problem is, more money to Codelco is less money towards education, infrastructure, etc,’ said Chile’s mining minister Hernan de Solminihac, who was in London to attend a major mining industry event, LME Week.”
On Tuesday, October 8, the day’s biggest mover was the cash price of Japanese copper, which saw a 1.0 percent increase. The price of US copper producer grade 110 fell 0.3 percent. The price of US copper producer grade 122 saw a 0.3 percent decline. 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 saw little movement. For the fifth day in a row, the Chinese copper cash price remained essentially flat. The price of Chinese copper wire saw essentially no change for the fifth day in a row. The price of Chinese bright copper scrap continues to hover for the fifth day in a row.
On the LME, the 3-month price of copper inched up 0.3 percent to $7,204 per metric ton. After a 0.3 percent increase, the primary copper cash price finished the day on the LME at $7,171 per metric ton.