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, finishing at $6.78 per pound on May 3, 2012.

US copper producer grade 110 prices weakened by 0.7 percent, settling at $6.78 per pound. 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, prices settled at $6 per pound. The Japanese primary copper cash price held steady on Thursday, remaining around JPY 709,000 ($8,840) per metric ton.

Chinese copper prices were mixed for the day. The price of Chinese copper bar fell 0.3 percent to CNY 59,200 ($9,434) per metric ton. 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 wire declined 0.2 percent to CNY 58,380 ($9,303) per metric ton. The price of Chinese bright copper scrap remained essentially flat at CNY 50,050 ($7,976) 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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