Chinese Copper Bar Moves Up 1.4%

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On May 28, 2012, Chinese copper bar jumped up 1.4 percent, landing at CNY 57,550 ($9,085) per metric ton and making it the day’s biggest increase. The cash price of Chinese copper rose 1.4 percent to CNY 57,750 ($9,117) per metric ton. Chinese copper wire finished the day up 1.1 percent to CNY 56,620 ($8,938) per metric ton. Following two days of downward movement, the price of Chinese bright copper scrap held steady at CNY 48,600 ($7,672) per metric ton.

The price of US copper producer grade 122 held steady around $4 per pound. For the fifth consecutive day, the Japanese copper cash price held flat at JPY 640,000 ($8,045) per metric ton. The price of US copper producer grade 102 saw little movement last Friday, closing out around $4.25 per pound. The price of US copper producer grade 110 showed little movement last Friday, hovering around $4.06 per pound.

At $7,654, the copper 3-month price finished the market day on the LME up 0.6 percent per metric ton. Also on the LME, the primary copper cash price gained 0.5 percent to finish at $7,695 per metric ton.

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