Zambia is in talks with mining companies over recent increases in mineral royalties, signaling the possibility of a compromise over the southern African country’s new tax regime on the eve of presidential elections scheduled for Tuesday.
3-way talks involving government officials, company executives and union representatives are under way in the Zambian capital Lusaka to determine the best way mining proceeds can be shared without hurting the industry, according to Rayford Mbulu, Zambia’s Deputy Labor Minister, the Wall Street Journal reported.
Dropping 7.8%, the Japanese copper cash price was the biggest mover on Friday, January 16, closing at JPY 688,000 ($5,924) per metric ton. Just off of a 30-day low of $3.32 per pound, the price of US copper producer grade 110 rose 1.8% last Friday. The price of US copper producer grade 122 rose 1.8% last Friday, just off the 30-day low of $3.32 per pound it hit on Wednesday, January 14. After hitting a 30-day low of $3.51 per pound on Wednesday, January 14, the price of US copper producer grade 102 rose 1.7% last Friday.
Chinese copper prices were down for the day. The price of Chinese copper bar fell 6.3% to a 30-day low of CNY 42,300 ($6,840) per metric ton last Friday. The cash price of Chinese copper fell to a 30-day low at CNY 42,500 ($6,872) per metric ton after shifting 6.3%. The price of Chinese copper wire fell 1.3% to a 30-day low of CNY 41,240 ($6,669) per metric ton last Friday. After falling 1.1% to CNY 36,900 ($5,967) per metric ton, the price of Chinese bright copper scrap reached a 30-day low.
The primary copper cash price reached a 30-day low on the LME after decreasing 3.3% to $5,718 per metric ton. The copper 3-month price fell to a 30-day low at $5,665 per metric ton after shifting 2.9%.