A short-term copper price spike coming soon?
Via Reuters: “The death toll from a tunnel collapse at the world’s second largest copper mine run by Freeport McMoRan Copper & Gold Inc’s Indonesian unit was raised to 28 on Wednesday as rescuers gave up hope of finding any more survivors…the incident’s impact on global copper supply has so far been limited as the Grasberg mine keeps stockpiles in reserve in case of disruptions, but that would change if any investigation and closure drags on.”
Current Copper Prices:
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 higher. Today marks the fifth day in a row of increases for the cash price of Chinese copper. The price climbed 0.8 percent, driving an accelerated improvement since Wednesday, May 15. The price of Chinese bright copper scrap was essentially unchanged.
The Japanese copper cash price rose 0.8 percent. After a 0.8 percent increase, the price of US copper producer grade 122 finished the day up. The price of US copper producer grade 110 inched up 0.8 percent. 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.