After lowering their forecasted copper output for the second time this year due to mine repair work, shares in Oz Minerals Ltd have tumbled more than 9 percent.
“Australia’s third-largest copper miner revised its forecast for 2013 production to between 70,000 and 75,000 tonnes of copper contained in concentrate, compared with 82,000 to 88,000 tonnes previously, it said” (Reuters).
“In January, Oz Minerals forecast output of between 90,000 and 95,000 tonnes.”
The week’s biggest mover on the weekly Copper MMI® was the cash price of Japanese copper, which saw a 2.0 percent decline. This comes on the heels of a 0.1 percent increase the week before. The price of US copper producer grade 122 declined after drifting 0.5 percent since last week. The price of US copper producer grade 110 fell 0.5 percent for the week to settle. With a 0.5 percent decrease, the price of US copper producer grade 102 closed the week. Korean copper strip prices held steady from the previous week.
Chinese copper prices were mixed for the week. After a 0.8 percent decline, Chinese copper bar closed out the week. Following a 0.8 percent drop, the cash price of Chinese copper finished the week. Chinese bright copper scrap prices ticked up 0.7 percent. Chinese copper wire prices were off slightly, down from a week ago.
Since last week, the price of the primary copper cash price fell to $7,140 per metric ton on the LME after moving 1.0 percent. The 3-month price of copper fell 0.9 percent last week on the LME, settling at $7,178 per metric ton.
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.