Copper hit its lowest level in more than 3-1/2 years on Wednesday on worries about growth and tighter credit in China, but it rebounded Thursday on the LME. The copper 3-month price held steady around $6,450 per metric ton. The cash price of primary copper saw little movement yesterday on the LME, closing out around $6,471 per metric ton.
The price of copper has been battered all year by concerns about the Chinese economy as well as investment warehousing going on in Shanghai. There is little belief that this rebound is anything but a temporary respite as economists debate the meaning of copper as an overall economic indicator.
Chinese copper wire saw the biggest upwards shift for the day, rising 1.8 percent on Thursday, March 20. Chinese copper bar saw its price rise 1.5 percent. The cash price of Chinese copper finished the day with a 1.5 percent increase. For the fifth consecutive day, the price of Chinese bright copper scrap held flat.
March 18, the price of US copper producer grade 122 rose 0.8 percent yesterday. Just off of a 30-day low, the price of US copper producer grade 110 rose 0.8 percent yesterday. The price of US copper producer grade 102 rose 0.8 percent on Thursday, just off the 30-day low it hit on Tuesday, March 18. The cash price of primary Japanese copper fell 0.3 percent.