Congress is poised to give Rio Tinto 2,400 acres of national forest in Arizona that is cherished ancestral homeland to Apache natives. Controversially, the measure is attached to annual legislation that funds the US Defense Department.
This week, the House and Senate Armed Services Committees quietly attached a provision to the National Defense Authorization Act (NDAA) that would mandate the handover of a large tract of Tonto National Forest to Resolution Copper, a subsidiary of the Australian-English mining company Rio Tinto, which co-owns with Iran a uranium mine in Africa and which is 10% owned by China.
US copper producer grade 110 price closed as the biggest mover for Friday, December 5. Switching from a downward trend, the metal closed at $3.64 per pound following a 1.1% increase. After hitting a 30-day low of $3.64 per pound on Wednesday, December 3, the price of US copper producer grade 122 rose 1.1% last Friday. Just off of a 30-day low of $3.83 per pound, the price of US copper producer grade 102 rose 1.1% last Friday. Weakening prices followed two days of improvement as the Japanese copper cash price dropped 0.2% to JPY 799,000 ($6,668) per metric ton.
Chinese copper closed mixed last Friday. The price of Chinese copper bar increased 0.5% to CNY 47,800 ($7,768) per metric ton. After a 0.5% increase, the Chinese copper cash price finished the day at CNY 48,000 ($7,800) per metric ton. Chinese copper wire saw its price rise 0.4% to CNY 46,970 ($7,633) per metric ton. The price of Chinese bright copper scrap held steady at CNY 40,500 ($6,582) per metric ton.
On the LME, the copper 3-month price increased 0.7% to $6,435 per metric ton. At $6,490, the primary copper cash price finished the market day on the LME up 0.6% per metric ton.