Copper in London slid to an 8-month low as a strike is set to end at the Antamina copper mine in Peru.
BHP Billiton Ltd. and Glencore Plc’s copper and zinc mine in Peru will return to normal operations next week as a three-week strike ends, the operating company said yesterday. Antamina is the world’s sixth-largest copper mine, according to the International Copper Study Group.
On Thursday, November 27, the cash price of Japanese copper fell by 1.5%, landing at JPY 811,000 ($6,894) per metric ton and making it the day’s biggest mover. The price of US copper producer grade 110 fell to a 30-day low at $3.66 per pound after shifting 0.3%. The price of US copper producer grade 122 fell 0.3% to a 30-day low of $3.66 per pound on Wednesday. After falling 0.3% to $3.85 per pound, the price of US copper producer grade 102 reached a 30-day low.
Chinese copper prices were mixed for the day. Chinese copper wire ended the day at CNY 47,810 ($7,788) per metric ton, after the 0.7% drop yesterday. Chinese copper bar closed 0.2% lower at CNY 48,520 ($7,904) per metric ton. The cash price of Chinese copper declined 0.2% to CNY 48,720 ($7,937) per metric ton. The price of Chinese bright copper scrap held steady at CNY 42,400 ($6,907) per metric ton.
On the LME, the 3-month price of copper fell 1.0% to $6,590 per metric ton. The cash price of primary copper saw a 0.7% decline on the LME to $6,648 per metric ton.