According to trading, the December copper futures on the Comex rose in price to 2.41 per pound amid reports the Swiss commodities trader Glencore to cut production of zinc.
MOSCOW, 9 Oct. Copper prices rise significantly on Friday amid reports the Swiss commodities trader Glencore to cut production of zinc, according to AFP.
As at 17.58 GMT December futures for copper on the Comex rose in price on 2,95% — to 2.41 per pound (about 0.45 kilograms).
At the end of trading Thursday the price of a ton of copper on the London metal exchange (LME) for delivery in three months declined 1% to 5135 dollars per ton. Price per ton of aluminum fell by 1.01%, to 1561 dollars, zinc — on 1,54%, to $ 1667.
Earlier on Friday, Glencore said that the company will reduce production of production of zinc, equivalent to 4% of supply the world market. The company also intends to reduce zinc production by 500 thousand metric tons, including closing the mine Lady Loretta in Australia and Iscaycruz in Peru. This message led to an increase in the cost of all base metals, including copper.