Industrial metals halted a two-day rally with a softer close yesterday, as prices continued to dawdle beneath recent record peaks and investors priced in a potential dry-spell in Chinese purchases in the coming weeks.
IN FOCUS
- Codelco's Andina copper mine in Chile expects losses of up to 1,000 tonnes of copper or 0.4 percent of annual output due to a Thursday fire that forced it to briefly evacuate its underground operations.
- Workers at Peru's Cerro Verde copper mine will go on an indefinite strike on Friday after failing to reach an agreement with the company, a union leader told.
- Canada's First Quantum Minerals fullyear copper production fell to 322,700 tonnes in 2010 versus 373,940 tonnes in 2009, it said on Thursday.
- Chile state copper giant Codelco plans to invest $3.2 billion in 2011, and will step up investment further in 2012-2013, the miner said Thursday.
- Canada's Inmet Mining Corp expects to produce 33 percent more copper in 2011, while trimming its zinc production by 3 percent, across three of its assets.
FUNDAMENTAL OUTLOOK
Industrial metals prices are trading firm on international bourses today. We expect industrial metals to trade higher on account of a few natural calamities and supply concerns in major countries may cause serious supply disruptions.
