"Now copper has broken below $7,475 a tonne, traders will be eyeing the $6,955 20-month low touched on July 15," said Saxo Bank head of commodity strategy Ole Hansen.

The approval comes a week after people familiar with the matter said OZ Minerals was seeking about A$10 billion in a potential sale to BHP.

Glencore, which owned Mopani until March 2021, is prepared to lend up to $ 100 million as a short-term cash injection to Zambia's copper mine.

Shares of Talon Metals closed 5.2% higher on the TSX following the new drill results.

Seabridge Gold was recognized for its work at the past-producing Johnny Mountain gold mine that operated in the late 1980s.

The dollar index dropped after Japan intervened in the currency market to shore up the battered yen for the first time since 1998.