Rio Tinto has “boosted its forecast copper output for 2013 after a better-than-expected recovery from the U.S. Kennecott mine following a landslide, and posted record iron ore and coal output in the third quarter,” reports Reuters.
“Copper output was also buoyed by a ramp up in production at the Oyu Tolgoi mine in Mongolia, while Rio Tinto said it was on track to beat its target of cutting $750 million in exploration spending this year.”
US copper producer grade 110 price saw the biggest increase at 0.5 percent for Monday, October 14. The price of US copper producer grade 122 rose 0.5 percent. The price of US copper producer grade 102 gained 0.5 percent to finish. The cash price of primary Japanese copper saw little movement yesterday.
Chinese copper prices closed flat for the day. Chinese copper wire saw little change in its price on Monday. The price of Chinese copper bar held steady. The Chinese copper cash price saw little change in its price yesterday. The price of Chinese bright copper scrap remained steady.
The copper 3-month price weakened by 0.3 percent on the LME, settling at $7,156 per metric ton. The cash price of primary copper saw a 0.2 percent decline on the LME to $7,123 per metric ton.