Southern Copper, one of the world’s largest copper producers, posted weaker fourth-quarter and full-year net income, mainly due to lower prices for copper.
The company said Wednesday that fourth-quarter net income fell to $348 million from $406.2 million in the same period a year earlier. Sales were $1.47 billion in the quarter, down from $1.54 billion a year earlier.
Southern Copper, which has mines in Mexico and Peru, said sales for the full year totaled $5.79 billion, down 2.8% from 2013. It said reduced costs and increased copper and molybdenum production in 2014 helped to partially offset lower mineral prices.
Net income for the full year totaled $1.33 billion, down 18% from $1.62 billion in 2013.
On Wednesday, February 4, the 3-month price of copper experienced the biggest change, rising 3.0% on the LME to $5,670 per metric ton. Also on the LME, the primary copper cash price rose 2.8% to $5,690 per metric ton.
After a 2.5% increase, the price of US copper producer grade 122 finished the day at $3.31 per pound. The price of US copper producer grade 110 inched up 2.5% to $3.31 per pound. The price of US copper producer grade 102 rose 2.3% to $3.50 per pound. The Japanese copper cash price declined 0.1% to JPY 677,000 ($5,754) per metric ton.
Chinese copper closed mixed on Wednesday. Chinese copper wire prices inched up 2.5% to CNY 41,800 ($6,682) per metric ton. After a 2.3% increase, Chinese copper bar finished the day at CNY 42,600 ($6,810) per metric ton. The cash price of Chinese copper rose 2.3% to CNY 42,800 ($6,842) per metric ton. The price of Chinese bright copper scrap saw essentially no change for the fifth day in a row, remaining around CNY 33,600 ($5,371) per metric ton.