London Metal Exchange stocks rose leaving a downturn in copper prices as inventory increased. Shanghai Futures Exchange is also rumoured to have big arrivals. Despite the decrease in the US dollar and an increase in crude oil concern seems to be on inventory. “Unusually, metals are looking past these items and seem to be focusing, instead, [...]
A decrease in the US dollar and strengthening of crude oil prices supported a rise in copper futures. Concerns about China’s demand remain unanswered thereby limiting copper’s potential further rise. Copper up in sympathy with firmer crude oil prices, which rose sharply as investors kept a wary eye on storm Gustav and its potential threat [...]
China’s Jiangxi Copper Co Ltd is China’s top copper producer. Jiangxi’s shares rose more than 9 percent after announcing their best half-year earnings ever in the initial 6 months of 2008. Jiangxi intends to produce 700,000 tonnes of copper for 2008. But the global copper market faces uncertainty in the coming year amid a potential [...]
Rambler Metals and Mining have produced further positive drill results at the Ming Mine. The underground diamond drilling so far has confirmed Rambler’s expectations that the Lower Footwall Zone grade is getting better with depth. Delineation drilling of the Lower Footwall Stringer Zone is progressing well and has returned some very encouraging results. The envelope [...]
Copper producer, First Metals Inc., announced successful drilling a their Fabie Mine, near Rouyn-Noranda, Quebec. Underground diamond drilling of the main zone below the 155m level (the lowest level of the ramp) and the 205m elevation has been successful in delineating a new in-situ geological resource of 33,212 tonnes grading 2.67% Cu and 1.89g/t [...]
Zacks.com reported Freeport-McMoRan Copper & Gold, Inc.‘s second quarter results. They were down 23.2 percent year-over-year mainly due to reduced sales volumes of copper and gold. The reduced sales were attributed to mine sequencing at Indonesia’s Grasberg mine. Freeport-McMoRan was able to offset the increase in costs with the help of high copper and gold [...]
MRI Trading, a privately-owned Swiss company, has purchased 60,000 dry metric tonnes of copper concentrate from Atlas Consolidated Mining. The copper will be supplied out of their Toledo mine in the central Philippines. This is Atlas’s first supply deal since the Toledo mine was closed in 1994 after being flooded by a typhoon. The Toledo [...]
PT Nusantara Smelting Corp intends to set up a copper smelter next year with a production capacity of 200,000 tonnes of copper cathode. The smelter will support the upcoming mining law that requires mining products to be processed locally prior to export. The mining law, which has been in the works for several years and [...]
The Ifo economic research institute based in Munich showed copper is down over two percent on a firm US dollar. With a weak demand copper has been falling towards $7,000 per tonne. Investors continue to wait for US data that will give needed information about the state of the global economy and demand for copper. [...]
Rio Tinto produced record results in their underlying earnings, net earnings, cash flow from operations, and capital expenditure in value added projects for growth. Using cutting edge technical solutions and reducing overhead costs Rio Tinto continues to address the rising costs in the industry. “In copper, we have announced additional resources of 628 million tonnes [...]
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