Chinese Copper Wire Moves Up 1.2%

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Metal Prices, Premium

At CNY 54,235 ($8,832) per metric ton, Chinese copper wire moved up 1.2 percent on Tuesday, May 21, the day’s biggest change. Prices for Chinese copper bar have gained increasing momentum since Wednesday, May 15. After climbing 0.8 percent, the metal closed at CNY 55,150 ($8,981) per metric ton. Today marks the fifth day in a row of increases for the cash price of Chinese copper. After climbing 0.8 percent, prices settled at CNY 55,350 ($9,013) per metric ton, driving an accelerated improvement since Wednesday, May 15. At CNY 44,340 ($7,220) per metric ton, the price of Chinese bright copper scrap was essentially unchanged.

The Japanese copper cash price rose 0.8 percent to JPY 774,000 ($7,575) per metric ton. After a 0.8 percent increase, the price of US copper producer grade 122 finished the day at $4.02 per pound. The price of US copper producer grade 110 inched up 0.8 percent to $4.02 per pound. At $4.21, the price of US copper producer grade 102 finished the market day up 0.7 percent per pound.

The 3-month price of copper weakened by 1.0 percent on the LME, settling at $7,275 per metric ton. Also on the LME, the cash price of primary copper declined 0.5 percent to $7,296 per metric ton.