Freeport-McMoRan Copper & Gold Inc reported positive third-quarter results on Tuesday. “Lifting its shares 4 percent…the company said it was still looking at asset sales but was not under any pressure to do them quickly,” reports Reuters.
“We are in a position where we … don’t have to do anything,” Chief Executive Officer Richard Adkerson said on a conference call [to Reuters]. “Anything we do … will be done in a way to enhance shareholder value.”
The day’s biggest mover was Chinese bright copper scrap, dropping 1.5 percent to settle on Tuesday, October 22. After a 0.6 percent increase, Chinese copper wire finished the day. After falling for two days, the price of Chinese copper bar rose 0.6 percent. The Chinese copper cash price rose 0.6 percent after a two-day drop.
The cash price of primary Japanese copper rose 0.7 percent. The price of US copper producer grade 122 saw little movement on Tuesday. The price of US copper producer grade 102 saw little movement on Tuesday. The price of US copper producer grade 110 saw little change in its price on Tuesday.
After a 0.8 percent increase, the copper 3-month price finished the day on the LME at $7,329 per metric ton. Also on the LME, the cash price of primary copper increased 0.7 percent to $7,294 per metric ton.