Minmetals To Drop Rio Tinto Iron Ore Bid, Focused On Glencore Xstrata Copper Bid

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Looks like China Minmetals Corp. is no longer interested in bidding on Rio Tinto Group’s controlling stake in Iron Ore Co. of Canada–according to two people with knowledge of the matter, (Bloomberg).

“Minmetals considers Rio’s asking price too high and has decided to focus more on its bid for a Glencore Xstrata Plc copper project in Peru, said one of the people, who asked not to be identified because the information is private. Rio’s 59 percent stake in Iron Ore Co. may be valued at as much as $3.5 billion, Credit Suisse Group AG analysts said in June.”

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The cash price of Japanese copper saw a 1.1 percent drop on Monday, October 21, making it the biggest mover of the day. The price of US copper producer grade 110 rose by 0.3 percent. Following a couple of essentially changeless days, the price of US copper producer grade 122 rose by 0.3 percent. After two flat days, the price of US copper producer grade 102 inched up 0.2 percent yesterday.

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Chinese copper closed mixed on Monday. Closing out a three-day flat streak, the price of Chinese bright copper scrap moved up 0.8 percent. After two changeless days, the price of Chinese copper wire fell 0.4 percent. Chinese copper bar fell 0.4 percent in price. This marks the fifth day in a row of declining prices and the drop-off has accelerated since Tuesday, October 15. Declining prices continue for the Chinese copper cash price.

On the LME, the primary copper cash price rose 1.0 percent to $7,241 per metric ton. Also on the LME, the copper 3-month price rose 0.9 percent to $7,269 per metric ton.