18 Nov 2015
Copper sell-off continues, down 26% in 2015
FXStreet (Mumbai) - Copper prices dropped another 1% today on Comex, while LME three month copper fell to six-year low on demand worries and strong US dollar.
At the time of writing, Comex copper was down 0.92% to USD 2.085/pound. Copper has tumbled 25% this year amid a widespread slump that has sent prices of raw materials to their lowest since 1999.
Codelco to maintain production
Despite the rout, the top producer has dismissed production cuts. Codelco, the world’s largest copper miner said it would rather reduce the costs than curb output. Chile’s Codelco this week slashed the premium it charges Chinese buyers by 26%, the most since the global financial crisis.
Apparently a 400,000 metric-ton reduction by Glencore Plc in Africa has failed to provide any support to the prices. The slowdown in the world’s second largest economy and world’s highest importer of Copper- China – is weighing heavily over the red metal.
At the time of writing, Comex copper was down 0.92% to USD 2.085/pound. Copper has tumbled 25% this year amid a widespread slump that has sent prices of raw materials to their lowest since 1999.
Codelco to maintain production
Despite the rout, the top producer has dismissed production cuts. Codelco, the world’s largest copper miner said it would rather reduce the costs than curb output. Chile’s Codelco this week slashed the premium it charges Chinese buyers by 26%, the most since the global financial crisis.
Apparently a 400,000 metric-ton reduction by Glencore Plc in Africa has failed to provide any support to the prices. The slowdown in the world’s second largest economy and world’s highest importer of Copper- China – is weighing heavily over the red metal.