Copper Advances as Industrial Metals Rally on Indonesia Ore Ban
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Copper posted the biggest weekly gain in more than two months as industrial metals rallied on Indonesia’s plan to ban on all exports of raw material from mines. Tin reached a five-week high.
Production at PT Freeport Indonesia’s Grasberg copper mine, the world’s second-largest, may fall to 30 percent to 40 percent of maximum output, Rozik B. Soetjipto, the company’s president director, said today. A plan by Indonesia, the biggest producer of mined nickel and the leading exporter of tin, to ban all mineral-ore exports next year received backing from parliament, the government said yesterday.