Copper mine outage sparks shift to scrap

Apr 18, 2013 | 06:05 PM | Barbara O'Donovan

Tags  copper scrap, scrap demand, Kennecott Utah Copper, No. 1 copper, No. 2 copper, bare bright, Bingham Canyon Mine, Barbara O'Donovan

NEW YORK — Domestic copper consumers that can use high-grade scrap are "scrambling" to find out about its availability in the wake of an outage at Kennecott Utah Copper’s Bingham Canyon Mine.

"We’ve had some scrap buying. Those that can take scrap as well as copper cathode are looking to ramp up their buying," a scrap broker source told AMM.

Kennecott, a division of Rio Tinto Plc, declared force majeure earlier this week after an April 10 wall slide forced it to suspend mining at the Utah mine (amm.com, April 16).

Purchases so far have been limited as some take a wait-and-see stance, but sellers expect sales to spike as Kennecott’s inventories run down.....





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