Earlier this week MetalMiner reported on a couple of copper mine closures that could impact copper supply. Workers at Freeport McMoRan in which 28 people died in a tunnel collapse agreed to come back to work.
This mine serves as the world’s second largest.
Meanwhile, the Japanese copper cash price fell by 3.5 percent and dropped more than any other metal that makes up the MetalMiner Copper index. The price of US copper producer grade 110 rose 0.8 percent. US copper producer grade 122 rose by 0.8 percent rise on Thursday. The price of US copper producer grade 102 is back up, rising by 0.7 percent yesterday.
Chinese copper prices were mixed for the day. After holding steady for the past few days, the price of Chinese copper bar fell 1.8 percent, closing in the $8700/per metric ton range. The Chinese copper cash price moved on Thursday. After a few changeless days, prices dropped 1.8 percent. Chinese copper wire stayed flat and the price of Chinese bright copper scrap was unchanged.
After falling for two days, the primary copper cash price rose 0.7 percent on the LME to $7,086 per metric ton. Following a two-day drop, the 3-month price of copper increased by 0.7 percent on the LME to $7,120 per metric ton.
Monthly Copper Report Included: The most recent Monthly MMI® Report – price trends for 10 metal markets!