Chinese Copper Wire Gains 6.1%

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Metal Prices, Premium

Chinese copper wire saw the biggest upwards shift for the day, rising 6.1 percent to close at CNY 56,320 ($9,182) per metric ton on Friday, May 31. Chinese copper bar prices inched up 0.8 percent to CNY 54,550 ($8,893) per metric ton. The Chinese copper cash price inched up 0.8 percent to CNY 54,750 ($8,926) per metric ton. The price of Chinese bright copper scrap showed little movement last Friday at CNY 44,540 ($7,261) per metric ton.

The cash price of primary Japanese copper saw a 1.8 percent decline to JPY 757,000 ($7,487) 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. The price of US copper producer grade 110 rose 0.5 percent to $3.98 per pound. The price of US copper producer grade 102 rose 0.5 percent to $4.17 per pound.

On the LME, the 3-month price of copper gained 1.2 percent to finish at $7,285 per metric ton. At $7,245, the cash price of primary copper finished the market day on the LME up 0.1 percent per metric ton.