Copper held near a two-week low on concern that exports from Freeport-McMoRan Inc.’s Indonesian mine, the world’s second-largest for the commodity, will add to an oversupply. Most other industrial metals climbed.  Indonesia approved the renewal of an export license that will allow Freeport to ship about 1 million metric tons through Aug. 8, according to a trade ministry official. Copper was down a fourth day on the London Metal Exchange, set for the longest run in almost a month.  The metal has dropped 20 percent in the past year as China’s economic slowdown cut demand, prompting some mining companies to shutter unprofitable production. New supply due this year will largely offset the impact of supply cuts, Morgan Stanley said in a report Tuesday. It expects mine output to expand 3 percent this year to 19.9 million tons.  “News that Freeport-McMoRan is set to resume shipping from its Grasberg mine in Indonesia acted as a dampener on copper prices,” Sucden Financial said in an e-mailed report. “The ramping up of operations at world’s second-largest mine by capacity will likely add to the supply glut.”  Copper for delivery in three months lost 0.4 percent to $4,491.50 a ton by 10:29 a.m. on the LME, after earlier sliding as much as 1.2 percent to touch the lowest since Jan. 26. Prices dropped 2.2 percent on Tuesday, the most since mid-December. Markets in mainland China, the biggest user, remain closed for the New Year holidays.
  • Other main metals traded in London gained as European equities rose for the first time in eight days. Lead and zinc climbed at least 1.4 percent, while nickel fell.
  • The FTSE 350 Mining Index was little changed after slumping 5.7 percent Tuesday, the most since December.