Chinese Copper Wire Turns Around After Two-Day Fall

The price of Chinese copper wire rose 0.8 percent on Wednesday, May 29, making it the day’s biggest mover. After two days of falling prices, it closed at CNY 53,720 ($8,773) per metric ton. Chinese bright copper scrap prices inched up 0.4 percent to CNY 44,540 ($7,274) per metric ton. After a 0.4 percent increase, Chinese copper bar finished the day at CNY 54,650 ($8,925) per metric ton. The Chinese copper cash price increased 0.4 percent to CNY 54,850 ($8,957) per metric ton.

After a 0.5 percent increase, the price of US copper producer grade 122 finished the day at $3.98 per pound. Following a couple of essentially changeless days, the price of US copper producer grade 110 rose by 0.5 percent, closing at $3.98 per pound. The price of US copper producer grade 102 improved by 0.5 percent, closing at $4.17 per pound on Wednesday. After dropping for two days, the Japanese copper cash price flattened at JPY 759,000 ($7,408).

On the LME, the copper 3-month price gained 0.3 percent to finish at $7,299 per metric ton. After a 0.2 percent increase, the cash price of primary copper finished the day on the LME at $7,257 per metric ton.