Freeport McMoRan Indonesia Predicts 2014 Copper Output Increase

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Freeport McMoRan Copper & Gold is having a good year and “expects 2014 copper output from its giant Grasberg mine in Indonesia to increase 12 percent, the local CEO told Reuters on Thursday, provided its exports of concentrate can continue as proposed on Wednesday,” reports Reuters.

“From January, mining companies must process ore before shipping it overseas, part of policies aimed at boosting the value of exports of raw materials from Indonesia, the world’s top exporter of nickel ore, thermal coal and refined tin.”

“However, the country’s mining ministry has put forward a proposal that would allow Freeport’s exports of copper concentrate from the world’s second-largest copper mine to continue until 2017.”

In metal price news for copper…

Chinese bright copper scrap moved up 0.5 percent on Wednesday, January 8, the day’s biggest change. Chinese copper wire prices inched up 0.4 percent. The price of Chinese copper bar finished the market day up 0.2 percent per metric ton. The cash price of Chinese copper increased 0.2 percent.

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The price of US copper producer grade 122 saw little movement yesterday. The Japanese copper cash price held steady yesterday. The price of US copper producer grade 102 remained essentially flat. The price of US copper producer grade 110 showed little movement yesterday.

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The 3-month price of copper steadied at $7,290 per metric ton following two-days of dropping prices on the LME. After dropping for two days on the LME, the primary copper cash price flattened at $7,313.