Vedanta Resources To Cut Jobs; Japanese Copper Cash Price Rises

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Vedanta Resources’s Zambian arm has made plans to “cut at least 1,529 jobs by March, the chief executive of the unit said on Friday, as the firm automates its mines in Africa’s top copper producer,” reports The Economic Times.

“The resultant changes may affect upwards of 1,529 members of our staff,” Kishore Kumar, the chief executive of Konkola Copper Mines, said in a statement.

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The week’s biggest mover on the weekly Copper MMI® was the Japanese copper cash price, which saw a 3.0 percent increase. This comes on the heels of a 2.4 percent decline the week prior. The price of US copper producer grade 122 rose 0.8 percent after falling 0.5 percent during the previous week. The price of US copper producer grade 110 rose 0.8 percent after falling 0.5 percent during the previous week. The price of US copper producer grade 102 rose 0.7 percent after falling 0.5 percent during the previous week. The week finished with no movement for Korean copper strip.

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Chinese copper prices were mixed for the week. Following a 0.8 percent increase in the week prior, the price of Chinese bright copper scrap fell 1.6 percent last week. The price of Chinese copper bar rose 0.4 percent after falling 1.0 percent during the previous week. The Chinese copper cash price rose 0.4 percent after falling 1.0 percent during the previous week. The price of Chinese copper wire rose 0.1 percent after falling 1.1 percent during the previous week.

The cash price of primary copper rose 1.0 percent on the LME to $7,233 per metric ton after falling 0.2 percent during the previous week. The 3-month price of copper rose 1.0 percent on the LME to $7,240 per metric ton after falling 0.5 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.