LISTED ATLAS Consolidated Mining and Development Corp. has shipped its first copper concentrates to China at a whopping $7,600 per ton, or more than double current prices, the company said yesterday.
The country’s second biggest miner had hedged the metal at a price that is eye-catching at a time when prices have been falling sharply from last year’s record highs and companies have are finding it hard to obtain credit.
The first consignment of 5,626 wet metric tons of copper mixed with ore was shipped to Qingdao port in China on Dec. 29 for processing as part of a supply deal with Swiss MRI Trading AG, Atlas told the Philippine Stock Exchange.
Copper stood at $3,300 per ton on the London Metal Exchange on Tuesday, having lost more than half of its value last year due to falling global demand and rising inventories.
