This Morning in Metals: Shanghai Copper Price Plunges
This morning in metals news, the price of copper on the SHFE fell, Australian iron ore exports are impacted by a cyclone and miner Vale SA halted operations at its Alegria iron ore mine.
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Copper Price Falls
The Shanghai copper price dropped by its largest amount since August, Reuters reported.
According to the report, the most-traded May copper contract on the SHFE fell 1.7% to 48,240 yuan ($7,186.06) per ton.
Cyclone Impacts Iron Ore Trade Flows
An incoming cyclone has impacted export activity in Australia, including that of iron ore, S&P Global Platts reported.
According to the report, iron ore exporting Port Hedland and Port Dampier in Western Australia suspended their operations Friday and remained closed Monday as Cyclone Veronica approached.
Vale Closes Algeria Mine
Brazilian miner Vale SA has halted its iron ore operations at its Alegria mine in the Minas Gerais state of Brazil, mining.com reported.
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The miner, which has been in the news of late after a fatal dam breach at its Corrego do Feijao mine in January, announced the halt of operations at the Alegria mine in southeastern Brazil after the structure failed a stress test, according to the report.
The halt of operations there could take up to approximately 10 million tons a year of iron ore off the market, according to the report.
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