The three-month copper price closed at $5,960 per tonne, a $40 drop on its previous closing level. Earlier this week, the red metal had hit its highest level in 21 months, when it broke above $6,200 per tonne.
Freeport-McMoRan has reaffirmed its need for guarantees over its Indonesian investments after the country’s Ministry of Energy and Mineral Resources recommended the company receive a permit to export copper concentrates.
Copper stocks were down 7,650 tonnes to 229,075 tonnes, the lowest since December 2016.
Aluminium price climbs to $1,903/t before falling back at the close
• Aluminium prices closed at $1,880 per tonne, down by $17, having peaked at...