Chinese Bright Copper Scrap Moves Down 2.9%

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On May 30, 2012, the day’s biggest mover was the price of Chinese bright copper scrap, which saw a 2.9 percent decline to CNY 47,200 ($7,453) per metric ton. After improving for two days, the price of Chinese copper wire declined one percent to CNY 56,200 ($8,874) per metric ton. Chinese copper bar finished the day down 0.8 percent to CNY 57,050 ($9,009) per metric ton. The Chinese copper cash price weakened by 0.8 percent, settling at CNY 57,250 ($9,040) per metric ton.

The price of US copper producer grade 122 inched up 0.5 percent to $4 per pound. The price of US copper producer grade 110 increased 0.5 percent to $4.10 per pound. The price of US copper producer grade 102 gained 0.5 percent to finish at $4.29 per pound. The cash price of primary Japanese copper remained essentially flat at JPY 640,000 ($8,043) per metric ton.

The primary copper cash price changed direction with a 0.7 percent drop. After two days of improving prices, the finished at $7,685 per metric ton on the LME. Weakening prices followed two days of improvement as the 3-month price of copper dropped 0.5 percent on the LME to $7,676 per metric ton.

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