Rio Tinto has said thanks, but no thanks to cutting copper production next year and the former Noble team has set up a new base metals trading house.
No Further Copper Cuts for Rio
Rio Tinto Group has no plans to join rival Glencore in cutting copper output next year to boost prices, having already reduced production at its US operations this year, an executive said during LME Week in London.
The copper market may have a good run for nine to 12 months, but it could face another tough stretch for a year or two after that, said Jean-Sébastien Jacques, Rio’s chief executive of copper.
Concord Resources Joins the Trading Fray
Dwight Anderson’s Ospraie Management and private investors have set up a base metals trading house to be run by former Noble Group Ltd. traders, Reuters reported.
The company, named Concord Resources Ltd., said in a statement on Sunday it will be run by Mark Hansen, who left as Noble’s head of global metals trading last week as the Asian commodities merchant scaled back its metals business.