Copper Falls as Peruvian Mining Strike Ends

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Copper in London slid to an 8-month low as a strike is set to end at the Antamina copper mine in Peru.

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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.

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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.

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