Typhoon Damages Glencore Xstrata's PASAR Copper Plant

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Typhoon Haiyan has taken a toll on Glencore Xstrata’s PASAR copper smelter and refinery in the Philippines. The plant “has sustained ‘heavy structural damage’ after one of the most powerful storms ever recorded, typhoon Haiyan, battered the country and left an estimated 10,000 people dead,” reports Reuters.

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“PASAR said in a statement it was currently inspecting its facilities and assessing the impact. ‘Initial assessments confirm that PASAR has sustained heavy structural damage to its operations,’ it said, estimating a return to normal operations could take at least 4 to 6 weeks.”

“The PASAR plant, majority owned by Glencore, is in Leyte province, southeast of Manila. It was closed after a fire last year, which stopped production for about six months, and then restarted in July 2012.”

The price of Chinese bright copper scrap increased by 4.6 percent on Monday, November 11, making it the day’s biggest mover. Following a couple of essentially changeless days, the price of Chinese copper wire rose by 0.3 percent. The price of Chinese copper bar held steady. The cash price of Chinese copper saw little change in its price yesterday.

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The price of US copper producer grade 122 finished the market day up 0.3 percent per pound. The price of US copper producer grade 110 rose 0.3 percent. After a 0.2 percent increase, the price of US copper producer grade 102 finished the day. The cash price of primary Japanese copper showed little movement yesterday.

On the LME, the 3-month price of copper increased 0.1 percent to $7,125 per metric ton. The primary copper cash price held steady on Monday on the LME, remaining around $7,125 per metric ton.