Big Price Drop Hits Chinese Copper Wire

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On May 24, 2012, the day’s biggest mover on global copper markets was the price of Chinese copper wire, which saw a 3.1 percent decline. Meanwhile, Chinese bright copper scrap prices saw a 0.5 percent decline.

The price of Chinese copper bar declined 0.4 percent, as did the Chinese copper cash price.

Further drops in price hit LME and US producer prices.

The price of US copper producer grade 122 weakened by 2.2 percent, as did the price of US copper producer grade 110. The price of US copper producer grade 102 fell 2.1 percent as well. The cash price of Japanese primary copper saw little movement on Thursday, remaining above $8,050 per metric ton.

The LME copper 3-month price dropped by two percent to $7,590 per metric ton after holding steady. The primary copper cash price weakened by 1.8 percent on the LME, settling at $7,630 per metric ton.

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