On May 21, 2012, Chinese copper wire rose 1.2 percent to finish as the day’s biggest mover on global copper markets. Chinese copper bar finished the day up one percent. The Chinese copper cash price inched up one percent as well, while Chinese bright copper scrap stayed flat at around between $7,500 and $7,750 per metric ton.
US copper producer prices dropped yesterday, however.
The price of US copper producer grade 122 weakened by 0.5 percent on May 21, while the US copper producer grade 110 price has been on the decline for nine days. The price of US copper producer grade 102 has also been on the decline for nine days, showing a tiny decrease. After a couple of days of decreasing prices, the Japanese copper cash price held steady between $8,050 and $8,075 per metric ton.
On the LME, the cash price of primary copper increased 1.1 percent to $7,795 per metric ton. Also on the LME, the 3-month price of copper rose 0.9 percent to $7,744 per metric ton.