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Copper prices were on the rise on Wednesday on the back of additional production cuts from Glencore (LSE:GLEN), the Wall Street Journal reported. Those cuts follow another recently announced pullback in production from Freeport McMoRan (NYSE:FCX).
Copper prices were on the rise on Wednesday on the back of additional production cuts from Glencore (LSE:GLEN), the Wall Street Journal reported. Those cuts follow another recently announced pullback in production from Freeport McMoRan (NYSE:FCX).
As quoted in the publication:
Three-month copper on the London Metal Exchange was up 0.4% at $5,183 in mid-morning European trade.
Glencore PLC, one of the world’s largest commodities traders and producers, said Wednesday it will be cutting its copper output more sharply than expected. The company is now planning to reduce production by 455,000 tons by the end of 2017, up from a previously announced figure of 400,000 tons. According to analysts at Commerzbank,this equates to 2.2% of global copper production last year.
