Japanese Copper Cash Price Drifts Downwards

The Japanese copper cash price saw a 1.2 percent drop on Wednesday, April 24, landing at JPY 713,000 ($7,152) per metric ton and making it the biggest mover of the day. The price of US copper producer grade 110 fell to a 30-day low at $3.76 per pound after shifting 0.8 percent. On Wednesdayyesterday price drop of 0.8 percent carried the price of US copper producer grade 122 to a 30-day low of $3.76 per pound. The price of US copper producer grade 102 fell 0.8 percent to a 30-day low of $3.95 per pound on Wednesday.

Chinese copper closed mixed on Wednesday. After hitting a 30-day low of CNY 50,350 ($8,147) per metric ton on Monday, April 22, the price of Chinese copper wire rose 0.4 percent yesterday. The price of Chinese copper bar rose 0.4 percent yesterday, just off the 30-day low of CNY 51,350 ($8,308) per metric ton it hit on Monday, April 22. Just off of a 30-day low of CNY 51,550 ($8,341) per metric ton, the cash price of Chinese copper rose 0.4 percent on Wednesday. The price of Chinese bright copper scrap remained essentially flat at CNY 42,030 ($6,800) per metric ton.

The copper 3-month price reached a 30-day low on the LME after decreasing 1.1 percent to $6,840 per metric ton. After falling 0.9 percent to $6,810 per metric ton, the primary copper cash price reached a 30-day low on the LME.