Kazakhmys said on Thursday that the company “was on track to hit the ‘upper end’ of its output guidance for 2013, despite a steeper-than-expected dip in production in the third quarter as weak grades continued to weigh,” reports Reuters.
“London-listed Kazakhmys said it produced 70,600 tonnes of copper cathode in the three months, slightly shy of analyst expectations. That was down from 78,500 tonnes during the same period last year and from 71,700 tonnes in the second quarter.”
Chinese bright copper scrap saw the biggest upwards shift for the day, rising 1.5 percent on Wednesday, October 23. Chinese copper wire finished the day down 0.4 percent. Chinese copper bar saw little change in its price yesterday. The Chinese copper cash price showed little movement on Wednesday.
The price of US copper producer grade 122 rose 0.8 percent. The price of US copper producer grade 110 gained 0.8 percent. The price of US copper producer grade 102 increased 0.7 percent. The cash price of primary Japanese copper weakened by 0.4 percent.
The copper 3-month price closed at $7,274 per metric ton. Following a couple days of improvement, prices fell by 0.8 percent on the LME. The cash price of primary copper declined 0.5 percent on the LME to $7,258 per metric ton, after two days of improvement.