The price of US copper producer grade 110 saw a 2.6 percent drop on Monday, July 8, landing at $3.74 per pound and making it the biggest mover of the day. The price of US copper producer grade 122 saw a 2.6 percent decline to $3.74 per pound. The price of US copper producer grade 102 weakened by 2.5 percent, settling at $3.93 per pound. The Japanese copper cash price closed at JPY 728,000 ($7,175) per metric ton. Following a couple days of improvement, prices fell by 0.1 percent.
Chinese copper closed mixed on Monday. At CNY 49,675 ($8,092) per metric ton, Chinese copper wire fell 1.0 percent on Monday. Chinese copper bar prices weakened by 1.0 percent, settling at CNY 50,640 ($8,249) per metric ton. This marked the fifth day in a row of declining prices and the drop-off has accelerated since Tuesday, July 2. Metals’ downward trend picked up speed for Tuesday, July 2, as the cash price of Chinese copper dropped to CNY 50,840 ($8,282) per metric ton after a 1.0 percent decrease. Chinese bright copper scrap saw little change in its price on Monday at CNY 43,410 ($7,072) per metric ton.
On the LME, the cash price of primary copper declined 1.5 percent to $6,820 per metric ton. Also on the LME, the copper 3-month price fell 1.2 percent to $6,842 per metric ton.