Mitsui Mining and Mitsui & Co said last year they had agreed to sell their stakes in the Caserones copper mine in Chile to Japan's JX Nippon Mining & Metals Corp, the metals unit of Eneos Holdings Inc.
We have decided to use our resources for other growing areas such as engineered materials and development of new products.
Markets are also unsettled after a rapid rise in US bond yields turned investors cautious, taking some heat from rallies in equities, oil and industrial metals.
Benchmark copper on the London Metal Exchange (LME), which reached a decade high of $9,617 a tonne last month, was at $9,017.50 in official trading, down 0.4% for the day and around 0.7% for the week.
Revenues rose 47% to 182.3 billion yuan last year, the company said in a filing, as it cashed in on more than 25% rises in the prices of precious metal gold, which hit an all-time peak in August, and industrial metal copper.
The price jump bolstered Zijin's coffers, with cash and cash equivalents almost doubling from a year earlier to 11.79 billion yuan as of Dec. 31, paving the away for the continuation of an acquisition spree that has seen the company buy mines in Colombia and Guyana.
Markets are also unsettled after a rapid rise in US bond yields turned investors cautious, taking some heat from rallies in equities, oil and industrial metals.
Copper inventories in the LME system rose by 12,300 tonnes to 104,950 tonnes and Shanghai Futures Exchange stocks by 15,578 tonnes to 187,372 tonnes in the week to Friday.
Benchmark copper on the London Metal Exchange traded up 0.1% at $9,077.5 a tonne in official rings.
Copper and other base metals have struggled to find clear direction in the last few weeks thanks to macro market jitters and the bond market tantrum which caused consternation in cross-asset markets.
Three-month copper on the London Metal Exchange (LME) rose 0.7% to $9,024.50 per tonne in official trading, having touched a 9-1/2 year peak of $9,617 last month.
We are still in a long term constructive environment for copper. Generally commodities are in a bull market given some of structural changes in terms of demand for energy metals.
With Chinese equities up around 2.5%, the US Dow Jones Index at record levels and European stocks reaching a one-year high, benchmark copper on the London Metal Exchange (LME) was up 2.1% at $9,048 a tonne in official trading.
Copper, used in power and construction, reached $9,617 a tonne in February as analysts warned that demand from China, green energy and electrification will outstrip supply.
China is widely expected to rein in coronavirus-induced stimulus and cool credit growth to contain debt risks while maintaining support for ailing small firms. It has also set modest growth targets.
Three-month copper on the London Metal Exchange (LME) declined 1.4% to $8,883 a tonne.
Copper exports jumped 65% over the same period the previous year to $3.879 billion, the bank data showed.
Surging copper shipments helped boost overall exports 41% to $7.071 billion in February, the bank said, contributing to a yawning trade surplus of $1.516 billion.
China, which accounts for about half of all metals demand, imported 4.7% more copper in January-February despite a recent spike in prices while exports grew at a record pace.
Benchmark three-month copper on the London Metal Exchange (LME) rose 0.5% to $8,851 a tonne.
