Davis Index: Market Intelligence for the Global Metals and Recycled Materials Markets

Glencore has reversed its decision of placing Mopani Copper Mine (MCM) in Zambia under care and maintenance, according to media reports. The company had shuttered Mopani mines on April 8. Zambian government had objected to this move citing that Glencore had not given enough notice before suspending operations at MCM. 


The miner has now issued a mandatory 90-day notice to Zambian authorities expressing its intent to place the mine under care and maintenance. In these 90 days, the company would engage in a discussion with the Zambia government about a way forward. 


Copper prices dip

After Glencore’s announcement, copper prices declined. The official three-month LME copper contract settled at $5,029.50/mt on Tuesday, from $5,190/mt the day prior. Copper prices fell as fear of an immediate supply crunch were put to rest.

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