BHP Billiton Fails To Secure Govt Clearance, Exits India Oil, Natural Gas Fields

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Another company faces regulatory hurdles in India… BHP Billiton Limited “exited 10 oil and natural gas exploratory fields in India that were won at government licensing auctions, after the company failed to secure clearance from the country’s Defense Ministry,” reports International Business Times.

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The week’s biggest mover on the weekly Copper MMI® was the cash price of Japanese copper, which saw a 3.5 percent increase. This comes on the heels of a 2.0 percent decline the week prior. The price of US copper producer grade 122 rose 1.5 percent after falling 0.5 percent during the previous week. The price of US copper producer grade 110 rose 1.5 percent after falling 0.5 percent during the previous week. The price of US copper producer grade 102 rose 1.5 percent after falling 0.5 percent during the previous week. Korean copper strip remained essentially flat from the previous week.

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Chinese copper prices were mixed for the week. The price of Chinese copper wire rose 0.3 percent after falling 0.7 percent during the previous week. The price of Chinese copper bar rose 0.2 percent after falling 0.8 percent during the previous week. The Chinese copper cash price rose 0.2 percent after falling 0.8 percent during the previous week. Following a steady week, prices for Chinese bright copper scrap closed flat.

The cash price of primary copper rose 0.4 percent on the LME to $7,172 per metric ton after falling 1.0 percent during the previous week. The 3-month price of copper rose 0.4 percent on the LME to $7,205 per metric ton after falling 0.9 percent during the previous week.

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.