Chinese Bright Copper Scrap Moves Down Nearly 5%

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The day’s biggest mover broke away from a static phase with a 4.8 percent drop on May 15, 2012. After three changeless days, the price of Chinese bright copper scrap closed at CNY 48,100 ($7,607) per metric ton. The price of Chinese copper wire fell 1.7 percent to CNY 56,250 ($8,896) per metric ton. Chinese copper bar stayed flat at around CNY 58,050 ($9,181) per metric ton. The Chinese primary copper cash price saw little movement yesterday on the SHFE, closing out around CNY 58,250 ($9,213) per metric ton.

The Japanese primary copper cash price saw a 0.9 percent decline to JPY 676,000 ($8,471) per metric ton. The price of US copper producer grade 122 remained essentially flat at $6 per pound. The price of US copper producer grade 102 held steady around $6.88 per pound. The price of US copper producer grade 110 remained essentially flat at $6.69 per pound.

The 3-month price of primary copper weakened by 1.8 percent on the LME, settling at $7,850 per metric ton. Also on the LME, the price of primary cash copper fell 1.2 percent to $7,980 per metric ton.

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