Chinese Copper Wire Switches Direction

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Following two days of increases, the price of Chinese copper wire dropped by 1.0 percent to end at CNY 56,630 ($9,100) per metric ton on March 1, 2013. Chinese copper bar prices saw a 0.9 percent decline to CNY 57,550 ($9,247) per metric ton. The Chinese copper cash price weakened by 0.9 percent, settling at CNY 57,750 ($9,280) per metric ton. The price of Chinese bright copper scrap held steady at CNY 47,430 ($7,621) per metric ton.

The price of US copper producer grade 122 declined 0.5 percent to $4.16 per pound. The price of US copper producer grade 110 fell 0.5 percent to $4.16 per pound. The price of US copper producer grade 102 saw a 0.5 percent decline to $4.35 per pound. The Japanese copper cash price held steady at JPY 640,000 ($6,912) per metric ton.

The copper 3-month price saw little price change last Friday on the LME at $7,864 per metric ton. Also on the LME, the primary copper cash price remained essentially flat at $7,830 per metric ton.