Codelco Worried About Copper Output At New Mine

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“Chinese importers of refined copper have been asked by Chile’s Codelco to accept a cut in term shipments in the first half of 2014, two sources said, as the world’s largest producer beds down ore processing at a new mine,” reports Reuters.

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“However, Codelco has told importers it should be able to supply increased volumes of metal in the second half of 2014 to cover shortfalls in the first part of the year, a buyer and a trading source familiar with Codelco’s operations told Reuters.”

The Japanese copper cash price saw the biggest decline of the day, dropping 1.1 percent to close on Wednesday, November 6. The price of US copper producer grade 110 inched up 0.3 percent. After a 0.3 percent increase, the price of US copper producer grade 122 finished the day. The price of US copper producer grade 102 gained 0.2 percent to finish.

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Chinese copper prices were mixed for the day. Chinese copper wire finished the day down 0.8 percent. Chinese copper bar saw little change in its price yesterday. The Chinese copper cash price remained essentially flat. The price of Chinese bright copper scrap remained essentially flat.

The primary copper cash price saw a 0.6 percent decline on the LME to $7,138 per metric ton. Also on the LME, the 3-month price of copper declined 0.5 percent to $7,154 per metric ton.