This Morning in Metals: Copper prices surge this week

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This morning in metals news, copper prices looked to be on their way to their largest weekly gain in over a year, U.S. Steel has begun the process of indefinitely idling its Lorain Tubular Operations and miner Freeport-McMoRan released its 2019 Annual Report on Sustainability.

Copper prices gain

Copper prices were on their way to their largest weekly gain this week in over a year, Reuters reported.

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As of 10:56 GMT on Friday, the LME copper price was up 1.3% to $5,602.50/mt, Reuters reported.

U.S. Steel to idle Lorain Tubular

U.S. Steel has begun the indefinite idling of its Lorain Tubular Operations, the Morning Journal reported.

The intention to lay off 250 workers at the plant was announced in March, but layoffs began only this week, according to the report.

Miner Freeport-McMoRan releases sustainability report

Miner Freeport-McMoran earlier this week released its 2019 Annual Report on Sustainability, marking the 19th straight year the company has released such a sustainability report.

“Copper plays an essential role in the technologies necessary to develop and deliver clean energy to support the global transition to a low-carbon economy,” President and CEO Richard C. Adkerson said in a release. “Copper will play an increasingly important role in reducing the spread of infectious diseases including coronavirus. By supplying responsibly produced copper, we are proud to be a positive contributor to the world well beyond our own operational boundaries.”

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The full sustainability report can be found here.

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