Daily Copper Update: Producer, Exchange Prices Come Off

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A drop of 3.4 percent made the US copper producer grade 102 price the biggest mover of the day on copper markets on May 3, 2012.

US copper producer grade 110 prices weakened by 0.7 percent. This marked the fifth day in a row of declining prices and the drop-off has accelerated since April 27, 2012. Today also marks the fifth day in a row of declining prices for US copper producer grade 122, after falling 0.7 percent. The Japanese primary copper cash price held steady on Thursday, remaining above $8,800 per metric ton.

Chinese copper prices were mixed for the day. On the SHFE, the cash price of Chinese primary copper declined 0.3 percent to CNY 59,400 ($9,466) per metric ton. The price of Chinese copper bar fell 0.3 percent. The price of Chinese copper wire declined 0.2 percent, and the price of Chinese bright copper scrap remained essentially flat, holding just below $8,000 per metric ton.

The cash price of primary copper weakened by 1.5 percent on the LME, settling at $8,401 per metric ton. Following two days of rising prices, the 3-month price of primary copper dropped 0.7 percent on the LME to $8,328 per metric ton.

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