Chinalco may have dropped out, but the race is definitely not over. It looks as though “Teck Resources Ltd, Newmont Mining Corp, private equity firm Blackstone Group LP and a firm led by the former head of Barrick Gold are working together on a bid for Glencore Xstrata’s Las Bambas copper mine in Peru, according to several people familiar with the matter,” reports Reuters.
“China’s Minmetals has so far been seen as the front runner for the $5.9 billion project after Chinalco, the largest aluminum producer in China, dropped out of the race.”
With a 1.2 percent increase over the past day, the Japanese copper cash price was the biggest mover on Tuesday, November 26. The price of US copper producer grade 110 inched up 0.3 percent. After a 0.3 percent increase, the price of US copper producer grade 122 finished the day. The price of US copper producer grade 102 gained 0.2 percent to finish.
Chinese copper closed mixed on Tuesday. The price of Chinese copper wire, following a couple days of improvement, weakened by 0.1 percent. The price of Chinese copper bar ended a two-day climb. The Chinese copper cash price steadied following two-days of increases. The price of Chinese bright copper scrap continues to hover for the fifth day in a row.
After a couple of days of improving prices on the LME, the 3-month price of copper held steady at $7,069. The primary copper cash price flattened at $7,067 after two days of improvement on the LME.