Might be an interesting road ahead for Rio Tinto. Apparently, the company “could be forced to amass a mountain of copper concentrate at its new $6 billion Oyu Tolgoi mine in Mongolia while Chinese buyers resolve a lengthy customs impasse with their government,” reports Reuters.
“Oyu Tolgoi was supposed to start shipping copper concentrate to China shortly after the mine opened in July. But instead has been forced to stockpile the material while buyers negotiate with Chinese customs officials over import approvals.”
On Tuesday, October 15, the day’s biggest mover was the Japanese copper cash price, which saw a 1.4 percent increase. The price of US copper producer grade 110 finished the market day up 0.8 percent per pound. The price of US copper producer grade 122 rose 0.8 percent. The price of US copper producer grade 102 increased 0.7 percent.
Chinese copper closed mixed yesterday. The price of Chinese copper bar increased 0.4 percent. After a 0.4 percent increase, the cash price of Chinese copper finished the day. The price of Chinese copper wire was essentially unchanged. Chinese bright copper scrap held its value yesterday.
On the LME, the primary copper cash price inched up 1.2 percent to $7,205 per metric ton. Also on the LME, the 3-month price of copper rose 1.0 percent to $7,225 per metric ton.