Indonesian Mining Exports Halted; Chinese Copper Wire Down

Nothing is moving as “Indonesia’s metal ore and concentrate exports have ground to a halt, a trade ministry official said on Friday, with a ban on ore shipments and an export tax introduced less than two weeks ago hurting the mining industry,” reports Reuters.

“‘There has been no concentrate export since January 12,’ Bachrul Chairi, director general of foreign trade at the trade ministry told Reuters. ‘As of now, no miners or companies have requested export approval for concentrate or processed ore to trade ministry.'”

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“Indonesia introduced an ore export ban on Jan. 12, although last-minute amendments eased the impact of the export ban on copper miners Freeport McMoRan Copper & Gold and Newmont Mining Corp, which are now subject to a progressive export tax on concentrates.”

In metal price news for copper…
With a decline of 0.6 percent on Thursday, January 23, Chinese copper wire recorded the biggest price drift of the day. Chinese copper bar closed 0.4 percent lower. The Chinese copper cash price fell 0.4 percent. Chinese bright copper scrap stayed flat.

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The price of US copper producer grade 122 declined 0.5 percent. The price of US copper producer grade 110 weakened by 0.5 percent. The price of US copper producer grade 102 saw a 0.5 percent decline. The Japanese copper cash price finished the market day up 0.4 percent per metric ton.

The copper 3-month price rose 0.1 percent on the LME to $7,289 per metric ton after a two-day drop. Also on the LME, the cash price of primary copper saw little movement yesterday at $7,326 per metric ton.

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