A reduction in copper prices helped Memphis-based construction supplier Mueller Industries Inc. increase its net income more than 37 percent in the second quarter, according to the Memphis Business Journal.
Mueller reported net income of $35 million, compared to $25.5 million for the second quarter of 2013. Mueller benefited from the 4.6 percent reduction in the price of copper to $3.10 per pound for the second quarter. Copper cost $3.25 per pound at this point in 2013.
Mueller manufactures copper tubes and fittings, brass and copper alloy rods and bars and other materials for construction. The company’s operations are located throughout the U.S. and in Canada, Mexico, Great Britain,and China.
With a decline of 0.8 percent to JPY 743,000 ($7,326) per metric ton on Tuesday, July 22, the Japanese copper cash price recorded the biggest decline of the day. The price of US copper producer grade 110 rose 0.3 percent to $3.88 per pound. After a 0.3 percent increase, the price of US copper producer grade 122 finished the day at $3.88 per pound. The price of US copper producer grade 102 rose 0.2 percent to $4.07 per pound.
Chinese copper closed mixed yesterday. At CNY 51,050 ($8,222), the price of Chinese copper bar finished the market day up 0.6 percent per metric ton. Following a two-day drop, the cash price of Chinese copper increased by 0.6 percent to CNY 51,250 ($8,254) per metric ton. For the fifth day in a row, the price of Chinese copper wire remained essentially flat at CNY 50,790 ($8,180) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,135) per metric ton.
On the LME, the copper 3-month price fell 0.5 percent to $6,988 per metric ton. Also on the LME, the cash price of primary copper declined 0.5 percent to $6,989 per metric ton.