Japanese Primary Copper Cash Price Falls Hard

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On May 8, 2012, the cash price of Japanese primary copper fell by 3.8 percent, landing at JPY 685,000 ($8,568) per metric ton and making it the day’s biggest mover on the copper markets. The price of US copper producer grade 110 inched up 0.7 percent to $6.77 per pound. At $6, the price of US copper producer grade 122 finished the market day up 0.7 percent per pound. The price of US copper producer grade 102 increased 0.7 percent to $6.96 per pound.

Chinese copper closed mixed yesterday. After a 0.5 percent increase, Chinese copper wire finished the day at CNY 58,050 ($9,228) per metric ton. The price of Chinese copper bar fell 0.4 percent yesterday to CNY 58,880 ($9,360) per metric ton. After remaining flat for three days, the cash price of Chinese primary copper fell 0.4 percent yesterday on the SHFE to CNY 59,080 ($9,391) per metric ton. At CNY 50,600 ($8,043) per metric ton, the price of Chinese bright copper scrap was essentially unchanged.

The 3-month price of primary copper remained essentially flat on the LME at $8,225 per metric ton. The primary copper cash price showed little movement yesterday on the LME at $8,296 per metric ton.

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