Things haven’t changed much over at Oyu Tolgoi mine. Turquoise Hill suffered another setback on Tuesday when “the rake arms in one of the mine’s two tailings thickeners had failed,” reports Reuters. Investigations are underway to determine what caused the failure.
The Mongolian mine, a promising copper asset, has seen a multitude of problems over the years: “In May, Turquoise Hill said rake blade failures had curbed production at Oyu Tolgoi in the first quarter, shutting down one production line for about seven weeks. Such teething issues at the mine, which began production in 2013, have followed a multitude of delays over the years, due to disputes with the Mongolian government over licenses and other matters.”
Following two days of increases on the LME, the copper 3-month price dropped by 0.1 percent to end at $6,950 per metric ton on Tuesday, September 9. The primary copper cash price showed little movement on Tuesday on the LME at $6,967 per metric ton.
The cash price of primary Japanese copper rose 0.1 percent to JPY 766,000 ($7,216) per metric ton. The price of US copper producer grade 122 flattened at $3.86 after two days of improvement. The price of US copper producer grade 102 ended a two-day climb, settling at $4.05 per pound. The price of US copper producer grade 110 steadied at $3.86 per pound following two-days of increases.
Chinese copper prices were flat for the day. Chinese copper bar stayed flat at around CNY 51,400 ($8,370) per metric ton. The cash price of Chinese copper saw little movement yesterday, closing out around CNY 51,600 ($8,402) per metric ton. The price of Chinese copper wire was unchanged at CNY 50,395 ($8,206) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,213) per metric ton.