Glencore Plc Shareholders to Make Bank on Las Bambas; Weekly Copper Prices Mixed

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After Glencore Xstrata sold Las Bambas to China’s MMG, it revealed recently for the first time that the company made a total of $7 billion on the deal – so they decided to give back.

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What To Do With the Money?

– “Glencore will continue to look for opportunities to reinvest capital,” the company said on Friday.  

– Outside estimates say “the company would return $3 billion to $5 billion over 12 to 18 months, rather than in a single hit.”

Las Bambas is said to begin producing 2 million tons of copper in the first five years, starting in 2015.

Weekly Copper Price Roundup

Rising 2.4 percent to JPY 768,000 ($7,473) per metric ton made the cash price of Japanese copper this week’s biggest mover on the weekly Copper MMI®. Following a 1.3 percent increase in the week prior, the price of US copper producer grade 122 fell 0.8 percent last week to $3.92 per pound. The price of US copper producer grade 110 fell 0.8 percent to $3.92 per pound after rising 1.3 percent the week before. Following a 1.2 percent increase in the week prior, the price of US copper producer grade 102 fell 0.7 percent last week to $4.11 per pound. At KRW 9,640 ($9.41) per kilogram, the week finished with no movement for Korean copper strip.

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Chinese copper prices were mixed for the week. The price of Chinese copper wire declined 0.8 percent over the past week, settling at CNY 50,405 ($8,165) per metric ton. The price of Chinese copper bar fell 0.3 percent to CNY 51,530 ($8,347) per metric ton after rising 0.9 percent the week before. Following a 0.9 percent increase in the week prior, the Chinese copper cash price fell 0.3 percent last week to CNY 51,730 ($8,379) per metric ton. Chinese bright copper scrap traded sideways last week, hovering around CNY 44,300 ($7,176) per metric ton.

The 3-month price of copper fell 0.3 percent on the LME to $7,120 per metric ton after rising 1.4 percent the week before. Following a 1.7 percent increase in the week prior, the primary copper cash price fell 0.2 percent on the LME last week to $7,135 per metric ton.

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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