The price of Chinese copper bar fell 1.2 percent on May 23, 2012, making it the day’s biggest mover on global copper markets. The cash price of Chinese copper changed direction with a 1.2 percent drop, after two days of improving prices. The price of Chinese copper wire held steady at above $9,100 per metric ton. The price of Chinese bright copper scrap held steady at CNY 49,050 ($7,765) per metric ton.
LME and US copper producer prices, however, fell.
The price of US copper producer grade 122 declined 0.5 percent, as did the price of US copper producer grade 110. The price of US copper producer grade 102 weakened by 0.5 percent as well.
The cash price of primary Japanese copper showed little movement on Wednesday, hovering above $8,000 per metric ton.
On the LME, the primary copper cash price fell 0.4 percent to $7,770 per metric ton. Also on the LME, the copper 3-month price remained essentially flat at $7,741 per metric ton.