Chinese Copper Bar Weakens After Climb

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The price of Chinese copper bar fell 1.2 percent on May 23, 2012 to CNY 56,950 ($9,016) per metric ton, making it the day’s biggest mover. The cash price of Chinese copper changed direction with a 1.2 percent drop. After two days of improving prices, the finished at CNY 57,150 ($9,048) per metric ton. After a couple of days of improving prices, the price of Chinese copper wire held steady at CNY 57,610 ($9,121). The price of Chinese bright copper scrap held steady at CNY 49,050 ($7,765) per metric ton.

The price of US copper producer grade 122 declined 0.5 percent to $4 per pound. The price of US copper producer grade 110 saw a 0.5 percent decline to $4.12 per pound. The price of US copper producer grade 102 weakened by 0.5 percent, settling at $4.31 per pound. The cash price of primary Japanese copper showed little movement on Wednesday, hovering around JPY 640,000 ($8,012) 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.

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