Chinese Copper Wire Up 1.0%

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Metal Prices, Premium

Weakening prices changed direction when the price of Chinese copper wire rose 1.0 percent on Friday, May 17 to CNY 53,320 ($8,667) per metric ton. The price of Chinese copper bar is back up, rising by 0.7 percent last Friday to close at CNY 54,280 ($8,823) per metric ton. The Chinese copper cash price rose 0.7 percent to CNY 54,480 ($8,856) per metric ton after a two-day drop. The price of Chinese bright copper scrap showed little movement last Friday at CNY 44,340 ($7,208) per metric ton.

Following a 0.8 percent rise last Friday, the price of US copper producer grade 122 closed at $3.96 per pound. Following a two-day drop, the price of US copper producer grade 110 increased by 0.8 percent to $3.96 per pound. After falling for two days, the price of US copper producer grade 102 rose 0.7 percent to $4.15 per pound. The cash price of primary Japanese copper saw a 0.5 percent decline to JPY 759,000 ($7,430) per metric ton.

The copper 3-month price weakened by 0.2 percent on the LME, settling at $7,125 per metric ton. After a couple of days of decreasing prices on the LME, the primary copper cash price held steady at $7,095.