Anglo American Will Not Fund Abbot Point Coal Expansion; LME Copper Drops

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Anglo American won’t be funding the expansion of Abbot Point coal terminal as planned, “as depressed coal prices continue to tighten company spend,” reports Australian Mining.

“Rio Tinto and BHP have previously confirmed they would not need the extra capacity that would be available as part of the north Queensland port expansion, with Anglo following suit last week.”

“’Anglo American notified the Queensland government of its intention to withdraw from the AP-X coal terminal development project at Abbot Point and has ceased to be actively involved,’ a spokeswoman said.”

“The decision by Anglo comes on the back of the postponement of mine expansions, including Moranabh South, due to low coal prices.”

The week’s biggest mover on the weekly Copper MMI® was the cash price of primary copper, which saw a 1.3 percent decline on the LME to $7,054 per metric ton. Following a 0.6 percent drop on the LME, the 3-month price of copper finished the week at $7,034 per metric ton.

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Chinese copper prices were mixed for the week. After a 0.4 percent decline, Chinese copper wire closed out the week. Chinese copper bar saw a 0.3 percent decline over the past week. The Chinese copper cash price fell 0.3 percent for the week to settle. Following a steady week, prices for Chinese bright copper scrap.

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The Japanese copper cash price fell 0.5 percent over the past week. This was the fourth week in a row of declining prices. The price of US copper producer grade 122 rose 0.3 percent after falling 1.5 percent during the previous week. The price of US copper producer grade 110 rose 0.3 percent after falling 1.5 percent during the previous week. The price of US copper producer grade 102 rose 0.2 percent after falling 1.4 percent during the previous week. Prices for Korean copper strip remained constant.

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.

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