Copper Update – Prices Anemic
The prices of US copper producer grades 110 and 122 saw the biggest decline of the day, dropping 1.7 percent on Oct. 30, 2012 on our copper price index. The price of US copper producer grade 102 declined 1.6 percent.
The cash price of primary Japanese copper was unchanged.
Chinese copper wire prices declined 1 percent, while Chinese copper bar has been on the decline for 11 days. The cash price of Chinese copper has been on the decline for 11 days also, while the price of Chinese bright copper scrap held steady.
The 3-month price of copper on the LME has been on the decline for 10 days and is now at $7,710 per metric ton. The cash price of primary copper saw a 0.6 percent decline on the LME to $7,719 per metric ton.
Aluminum Prices Still Sagging Too
With a decline of 1.4 percent on the LME to $1,873 per metric ton on Oct. 30, 2012, the aluminum cash price recorded the biggest decline of the day on the price index. On the LME, the 3-month price of aluminum fell 1.2 percent to $1,901 per metric ton.
The cash price of primary Indian aluminum, however, rose 1.2 percent on Tuesday.
The cash price of Chinese aluminum weakened by 0.5 percent, while for the fifth consecutive day, the price of Chinese aluminum bar held flat.