NEW YORK, NY -- (Marketwire) -- 03/27/12 -- Copper climbed, trimming a weekly loss, after a fall last Thursday to the lowest level in more than two weeks was seen as excessive as global stockpiles declined to the lowest level in more than three years. Copper inventories monitored by the LME fell 1.1 percent to 255,450 tons, the lowest level since November 2008. The Paragon Report examines investing opportunities in the Copper industry and provides equity research on Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) and Taseko Mines Limited (NYSE Amex: TGB) Access to full company reports can be found at:
Three-month copper rose as much as 1.1 percent to $8,383.75 a metric ton on the London Metal Exchange and traded at $8,380.50 in Tokyo. The metal has dropped 1.5 percent this last week and touched $8,262.50 Thursday, the lowest since March 7, after reports showing manufacturing shrank in China, the world's largest copper user.
Gavin Wendt, founder and senior resource analyst at Mine Life Pty in Sydney, recently said, "Copper sentiment is a little poor at present, as markets and traders have over-reacted to Chinese economic news this week. There are serious supply side issues and demand remains robust, despite the pessimism in speculative circles."
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Freeport-McMoRan Copper & Gold Inc. reported that PT Freeport Indonesia (PT-FI) has commenced restart operations at its Grasberg mining and milling operations following a temporary labor-related shutdown on February 23, 2012. Recent discussions between PT-FI management, union leaders, members of the workforce and the local community have focused on returning to work in a harmonious and productive fashion. Mobilization of the workforce commenced on March 12, 2012 and mining and milling activities are being ramped up. Full production is expected to be reached in the second quarter of 2012.
Taseko Mines Limited recently reported that revenues for 2011 were $251.9 million from the sale of 60.8 million pounds of copper and 974,000 pounds of molybdenum. Revenues for the fourth quarter of 2011 were $60.5 million from the sale of 15.5 million pounds of copper and 269,000 pounds of molybdenum.
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