Chinese Copper Wire Drops 0.7% After Short Rise

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On March 7, 2013, the day’s biggest mover was the price of Chinese copper wire, which saw a 0.7 percent decline to CNY 56,245 ($9,043) per metric ton. The price of Chinese copper bar changed direction with a 0.6 percent drop. After two days of improving prices, the metal finished at CNY 57,180 ($9,193) per metric ton. The cash price of Chinese copper closed at CNY 57,380 ($9,226) per metric ton. Following a couple days of improvement, prices fell by 0.6 percent. At CNY 46,730 ($7,513) per metric ton, Chinese bright copper scrap fell 0.6 percent yesterday.

The price of US copper producer grade 122 fell 0.5 percent to $4.11 per pound. The price of US copper producer grade 110 declined 0.5 percent to $4.11 per pound. The price of US copper producer grade 102 weakened by 0.5 percent, settling at $4.30 per pound. The Japanese copper cash price saw little movement at JPY 640,000 ($6,813) per metric ton.

The cash price of primary copper saw a 0.3 percent decline on the LME to $7,699 per metric ton. Also on the LME, the 3-month price of copper declined 0.1 percent to $7,733 per metric ton.