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Mining industry

Global Commodities Market Update: Environmental Concerns and Metal Demand

Strategic Insights

— 1 min read

Vedanta Resources PLC's Indian operations have taken a hit as a court ordered the closure of a copper smelter owned by its unit Sterlite Industries due to environmental rule violations. Meanwhile, Philex Mining Corp. announced the shipment of 5,058 dry metric tons of copper concentrates containing gold, copper, and silver. The base metals market on the London Metal Exchange is tracking the euro higher, with copper reaching a high of $8,000 a metric ton. Copper futures on the Shanghai Futures Exchange also rose due to the dollar's weakness.

Key Takeaways:

  • Vedanta Resources PLC's Indian operations were hit with a court order to close a copper smelter due to environmental rule violations, following a similar order less than two months prior.
  • Philex Mining Corp. shipped 5,058 dry metric tons of copper concentrates containing 12,351 ounces of gold, 2.75 million pounds of copper, and 12,196 ounces of silver.
  • The base metals market on the London Metal Exchange is tracking the euro higher, with copper prices breaking through $8,000 a metric ton for the first time since April.
  • Copper futures on the Shanghai Futures Exchange rose in tandem with gains on the London Metal Exchange, driven by the dollar's weakness against major rivals.
  • Sterlite Industries, a unit of Vedanta Resources, was ordered to close its copper smelter due to environmental rule violations.
  • The initial public offering (IPO) by China-based aluminum company Xinren in Singapore could be launched as early as October.
  • Philex Mining Corp.'s shipment of copper concentrates contained significant quantities of gold, copper, and silver.

Statistics:

  • 5,058 dry metric tons of copper concentrates shipped by Philex Mining Corp.
  • 12,351 ounces of gold in the shipment
  • 2.75 million pounds of copper in the shipment
  • 12,196 ounces of silver in the shipment
  • Copper prices on the London Metal Exchange reached $8,000 a metric ton for the first time since April
  • Copper futures on the Shanghai Futures Exchange rose in tandem with gains on the London Metal Exchange

Sources:

  • Dow Jones Commodities News via Comtex, September 29, 2010
  • Dow Jones Newswires, September 29, 2010
  • Philex Mining Corp. press release, September 22, 2010
  • People familiar with the situation, quoted in Dow Jones Newswires, September 29, 2010

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