On May 2, 2012, the Japanese primary copper cash price fell by 0.6 percent, landing at JPY 709,000 ($8,841) per metric ton and making it the day’s biggest mover. For the seventh day in a row, the price of US copper producer grade 110 rose and is currently at $6.83 per pound. The price of US copper producer grade 102 has been on the rise for seven days and is now at $7.02 per pound. After a couple of days of improving prices, the price of US copper producer grade 122 held steady at $6.
Chinese copper prices were mixed for the day. The price of Chinese copper wire improved by 0.4 percent, closing at CNY 58,475 ($9,265) per metric ton on Wednesday. The price of Chinese copper bar moved up 0.4 percent, landing at CNY 59,380 ($9,408) per metric ton. The cash price of Chinese primary copper rose by 0.4 percent on the SHFE to CNY 59,580 ($9,440) yesterday after remaining flat for two days. The price of Chinese bright copper scrap remained essentially flat at CNY 50,050 ($7,930) per metric ton.
The 3-month price of primary copper on the LME has been on the rise for eight days and is now at $8,390 per metric ton. The primary copper cash price flattened at $8,528 after two days of improvement on the LME.