The sustained fall in copper prices on the London Metal Exchange (LME) is causing losses at India’s government-owned Hindustan Copper Ltd.
Hindustan Copper produces copper from its own mines, and also gets a small portion processed externally. Its profits, therefore, depend to a large extent on copper prices. Besides, the company’s mining output has been affected in the December quarter due to the temporary closure of its mine in Jharkhand, India’s Livemint.com reported.
On Tuesday, January 6, the 3-month price of copper fell by 1.5% on the LME, landing at $6,150 per metric ton and making it the day’s biggest mover. The primary copper cash price reached a 30-day low on the LME after decreasing 1.4% to $6,215 per metric ton.
The cash price of primary Japanese copper moved on Tuesday. After a few changeless days, prices dropped 0.6% to JPY 789,000 ($6,606) per metric ton. The price of US copper producer grade 122 was unchanged at $3.54 per pound. For the fifth consecutive day, the price of US copper producer grade 102 held flat at $3.73 per pound. For the fifth day in a row, the price of US copper producer grade 110 remained essentially flat at $3.54 per pound.
Chinese copper prices were mixed for the day. At CNY 46,530 ($7,480) per metric ton, Chinese copper bar fell 1.0% yesterday. The Chinese copper cash price saw a 1.0% decline to CNY 46,730 ($7,512) per metric ton. Chinese copper wire ended the day at CNY 45,750 ($7,354) per metric ton, after the 0.9% drop on Tuesday. The price of Chinese bright copper scrap remained essentially flat at CNY 40,400 ($6,494) per metric ton.
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