30-Day Low Closes for Chinese Bright Copper Scrap

The day’s biggest mover broke away from a static phase with a 4.9 percent jump on Tuesday, May 7. After three changeless days, the price of Chinese bright copper scrap closed at CNY 44,080 ($7,147) per metric ton. At CNY 54,480 ($8,833), the price of Chinese copper bar finished the market day up 0.8 percent per metric ton. After a 0.8 percent increase, the cash price of Chinese copper finished the day at CNY 54,680 ($8,866) per metric ton. Chinese copper wire finished the day up 0.8 percent to CNY 53,530 ($8,679) per metric ton.

Following a quiet couple of days, the Japanese copper cash price fell 3.5 percent on Tuesday to JPY 685,000 ($6,894) per metric ton. Following two days of rising prices, the price of US copper producer grade 122 dropped 0.3 percent to $3.97 per pound. The price of US copper producer grade 110 changed direction with a 0.3 percent drop. After two days of improving prices, the metal finished at $3.97 per pound. The price of US copper producer grade 102 declined 0.2 percent to $4.16 per pound, after two days of improvement.

The copper 3-month price saw little price change on Tuesday on the LME at $7,150 per metric ton. Also on the LME, the cash price of primary copper held steady around $7,121 per metric ton.

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