Grupo Mexico, the Mexican copper miner and railroad operator, “reported a 40 percent rise in quarterly profit on Friday, helped by a sharp decline in general costs,” reports Reuters.
“In a filing with the Mexican stock exchange, the company said profit increased to $434.5 million from $311 million in the same period last year.”
The price of US copper producer grade 110 experienced the biggest price decline of the day, dropping 1.5 percent to close on Thursday, October 24. The price of US copper producer grade 122 declined 1.5 percent. The price of US copper producer grade 102 weakened by 1.4 percent. The Japanese copper cash price inched up 1.1 percent.
Chinese copper closed mixed yesterday. Chinese copper bar finished the day down 1.0 percent. The cash price of Chinese copper saw a 1.0 percent decline. Chinese copper wire ended the day, after the 0.8 percent drop on Thursday. The price of Chinese bright copper scrap showed little movement on Thursday.
On the LME, the 3-month price of copper fell 0.8 percent to $7,215 per metric ton. The primary copper cash price weakened by 0.8 percent on the LME, settling at $7,200 per metric ton.