Copper futures declined amid concern that the euro-zone nations will be unable to control the sovereign-debt crisis, damping the outlook for the global economy and curb demand for raw materials.
Rio Tinto Group, the world’s third- largest mining company, forecast high copper prices will continue before supplies from new projects damp the market.
Copper futures closed at a record high in New York after imports by China rebounded from the lowest level in a year. .
Codelco, the world’s biggest copper producer, agreed with two Chinese buyers to raise the surcharge on sales by 35 percent next year, according to two industry officials involved in the negotiations.
Grupo Mexico SAB, the largest mining company in Mexico, expects copper prices to extend their recovery amid “very strong demand from China.”
Continue reading Grupo Mexico Sees Copper Prices Rising on China
Copper fell on Tuesday, after surging to five-week highs in the previous session, as concerns over supply from top producer Chile eased after the mines there reopened following a massive weekend earthquake.