Southern Copper’s Net Income Falls Sharply; LME 3-Mo Copper Up

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Things are not looking good for Southern Copper Corp. The company’s “net income dropped 23.6 percent to $406.2 million in the fourth quarter from a year earlier, the global miner said,” reports Reuters.

“In all of 2013, earnings fell 16.3 percent to $1.618 billion because of weaker output and lower copper prices, the company said in an earnings report late on Thursday.”

“Last year Southern’s copper production declined 2.3 percent to 637,068 tons.”

“Southern, an affiliate of mining company Grupo Mexico , expects its output of the red metal to rise 5.5 percent this year to 672,400 tons.”

“In the fourth quarter, earnings before interest, taxes, depreciation and amortization fell 19.1 percent.”

In metal price news for copper…
The 3-month price of copper saw the biggest upwards shift for the day, rising 0.1 percent on the LME to close at $7,059 per metric ton on Thursday, February 6. The cash price of primary copper showed little movement on Thursday on the LME at $7,096 per metric ton.

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The price of US copper producer grade 122 showed little movement yesterday. The cash price of primary Japanese copper saw little movement on Thursday. The price of US copper producer grade 102 saw little movement on Thursday. The price of US copper producer grade 110 saw little change in its price yesterday.

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Chinese copper prices closed flat for the day. The price of Chinese copper bar was unchanged. For the fifth day in a row, the Chinese copper cash price remained essentially flat. The price of Chinese copper wire remained essentially flat. The price of Chinese bright copper scrap saw little movement.