Copper has nudged back up from a near five-month low, but many traders are wary of moving aggressively in light of political and economic instability in Greece. Still, for some, now may be a good time to shore up the red metal at a reasonable price.
The latest production results from the world’s top copper producers may have been far from stellar, but expectations of solid demand from China and a steady global economic recovery are pushing miners to continue investing in projects.
Glencore's planned takeover of Xstrata will create a commodities giant. But instead of being threatened, junior copper miners may actually gain from the merger, as the new company could look to them to shoulder risks.
Reuters reports that Xstrata (LON:XTA) reports that production improved in the second quarter and feels that the company will hit its 2011 copper output target.
Bloomberg.com reports that, because of a recent accident in Anglo American Plc (PINK:AAUKY) and Xstrata Plc’s (LON:XTA) Collahuasi port, they have declared Force Majeure.
An onslaught of negative data hit the copper market Tuesday sending the red metal down in early trading.
Xstrata Plc., the fourth-leading copper producer, received approaches to sell 70 percent of its El Morro project in Chile that may lead to another partner joining or the company selling its interest in the mine. For full story, click here
Chile’s Collahuasi copper mine, owned by international miners Xstrata Copper and Anglo American, its annual output should reach 1 million tonnes of copper by 2015. Miguel Angel Duran, CEO of the local unit of Anglo American Plc, stated: We are still at the conceptual stages, so we can’t give a concrete date, but 2015 could [...]
Kazakhmys Plc, Kazakhstan’s leading copper mining company, and Xstrata Plc jumped at least 4.7 percent as copper surged to to the highest since October. For full story, click here
Xstrata Copper forecasts that its copper output surging in Chile this year compared with a year earlier as it maintains momentum from the fourth quarter at its part-owned Collahuasi mine and on the back of ramp-ups and efficiencies. For full story, click here
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