The day’s biggest mover was the copper cash price which dropped by 2.1 percent on Wednesday, May 15 to close at $7,195 per metric ton on the LME. The 3-month price of copper saw a 2.1 percent decline on the LME to $7,225 per metric ton.
The price of US copper producer grade 122 declined 1.7 percent to $3.96 per pound. The price of US copper producer grade 110 weakened by 1.7 percent, settling at $3.96 per pound. The price of US copper producer grade 102 fell 1.7 percent to $4.15 per pound. The Japanese copper cash price rose 0.1 percent to JPY 777,000 ($7,602) per metric ton.
Prices of Chinese copper were down across the board on Wednesday. The price of Chinese copper bar fell 1.5 percent to CNY 54,180 ($8,821) per metric ton. The cash price of Chinese copper weakened by 1.5 percent, settling at CNY 54,380 ($8,854) per metric ton. Chinese copper wire fell 1.2 percent in price to CNY 53,350 ($8,686) per metric ton. This marks the fifth day in a row of declining prices and the drop-off has accelerated since Thursday, May 9. Chinese bright copper scrap finished the day down 0.2 percent to CNY 44,340 ($7,219) per metric ton.