Zambia has decided to revoke the work permit of the chief executive of Konkola Copper Mines, Kishore Kumar– “the latest twist in a row over job cuts that is tarnishing the image of one of Africa’s most promising frontier markets,” reports Reuters.
“The dispute with KCM, Zambia’s biggest foreign investor and its largest private sector employer, is one of several recent rows between the government and investors in the continent’s top copper producer.”
“It started when KCM, owned by London-listed Vedanta Resources, said it planned to cut more than 1,500 jobs by March as part of a move towards more mechanisation in its copper mines.”
The week’s biggest mover on the weekly Copper MMI® was the cash price of Japanese copper, which saw a 2.3 percent decline. This comes on the heels of a 3.0 percent increase the week before. Following a 0.8 percent increase in the week prior, the price of US copper producer grade 122 fell 1.3 percent last week. The price of US copper producer grade 110 fell 1.3 percent after rising 0.8 percent the week before. Following a 0.7 percent increase in the week prior, the price of US copper producer grade 102 fell 1.2 percent last week. Korean copper strip remained essentially flat from the previous week.
Chinese copper prices were mixed for the week. The price of Chinese copper wire fell 0.6 percent after rising 0.1 percent the week before. Following a 0.4 percent increase in the week prior, the price of Chinese copper bar fell 0.6 percent last week. The cash price of Chinese copper fell 0.6 percent after rising 0.4 percent the week before. Prices for Chinese bright copper scrap remained constant, closing the week.
Following a 1.0 percent increase in the week prior, the copper 3-month price fell 1.7 percent on the LME last week to $7,117 per metric ton. The cash price of primary copper fell 1.6 percent on the LME to $7,119 per metric ton after rising 1.0 percent the week before.
The Copper MMI® collects and weights 12 global copper metal price points to provide a unique view into copper price trends. For more information on the Copper MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.