Freeport McMoRan Inc’s Indonesia unit, Reuters reported, finally made up with the Indonesian government over a six-month tax dispute, allowing the copper producer to export concentrate once again.
What does that mean for supply?
“Freeport, which runs one of the world’s biggest copper mines in Papua, would make an initial shipment of 10,000 tonnes to China, Indonesia CEO Rozik Soetjipto said,” according to Reuters.
(China will then probably stockpile it, knowing them…)
Meanwhile, In Daily Copper Prices:
With a 1.3 percent increase over the past day, the Japanese copper cash price was the biggest mover, closing at JPY 768,000 ($7,473) per metric ton on Friday, August 1. The price of US copper producer grade 110 weakened by 0.3 percent, settling at $3.92 per pound. The price of US copper producer grade 122 fell 0.3 percent to $3.92 per pound. The price of US copper producer grade 102 saw a 0.2 percent decline to $4.11 per pound.
Chinese copper prices were flat for the day. Chinese copper bar saw little change in its price last Friday at CNY 51,530 ($8,347) per metric ton. The cash price of Chinese copper held steady last Friday, remaining around CNY 51,730 ($8,379) per metric ton. The price of Chinese copper wire remained steady at CNY 50,405 ($8,165) per metric ton. The price of Chinese bright copper scrap saw essentially no change for the fifth day in a row, remaining around CNY 44,300 ($7,176) per metric ton.
Following a two-day drop, the 3-month price of copper increased by 0.8 percent on the LME to $7,120 per metric ton. The cash price of primary copper is back up, rising by 0.6 percent on the LME last Friday to close at $7,135 per metric ton.