The company “entered into an option agreement (the “Option”) with Sociedad Química y Minera de Chile S.A. (‘SQM”) to earn up to 70% of a property, Project Providencia. The initial option is on 350,000 hectares (3,500 square kilometres) in Chile’s II Region and would be reduced overtime to a maximum of 50,000 hectares if a joint venture is formed,” according to a recent release.
Dropping 1.5 percent, the Japanese copper cash price was the biggest mover on Wednesday, August 7, on our daily index. After a 0.3 percent increase, the price of US copper producer grade 110 finished the day higher. After two flat days, the price of US copper producer grade 122 inched up 0.3 percent on Wednesday. The price of US copper producer grade 102 increased 0.2 percent.
Chinese copper closed mixed yesterday. The price of Chinese copper wire fell 0.3 percent. Chinese copper bar prices weakened by 0.2 percent. This marked the fifth day in a row of declining prices and the drop-off has accelerated since Thursday, August 1. The Chinese copper cash price prices declined 0.2 percent. For the fifth day since Thursday, August 1, the drop-off has accelerated. Chinese bright copper scrap held its value on Wednesday.
On the LME, the 3-month price of copper rose 1.1 percent to $7,045 per metric ton. Also on the LME, the cash price of primary copper gained 1.1 percent to finish at $7,026 per metric ton.