4.7% Drop Hits Chinese Copper Wire

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Metal Prices, Premium

Chinese copper wire had the largest decline on Monday, June 3, dropping 4.7 percent and landing at CNY 53,700 ($8,752) per metric ton. Following a couple of essentially changeless days, the price of Chinese bright copper scrap rose by 1.0 percent, closing at CNY 44,980 ($7,331) per metric ton. Chinese copper bar saw its price rise 0.1 percent to CNY 54,630 ($8,903) per metric ton. After a 0.1 percent increase, the cash price of Chinese copper finished the day at CNY 54,830 ($8,936) per metric ton.

The cash price of primary Japanese copper saw a 1.1 percent decline to JPY 749,000 ($7,451) per metric ton. The price of US copper producer grade 122 declined 0.8 percent to $3.95 per pound. The price of US copper producer grade 110 fell 0.8 percent to $3.95 per pound. The price of US copper producer grade 102 weakened by 0.7 percent, settling at $4.14 per pound.

The copper 3-month price saw little movement on Monday on the LME, closing out around $7,285 per metric ton. The primary copper cash price remained essentially flat on the LME at $7,245 per metric ton.