News got around recently that Anglo American Plc is the latest to report better production numbers in its copper mining efforts – but even though prices rose today (see below), will that be sustainable to bolster producers’ cost of production?
I mean, just look at this graph and the answer may appear clear as mud:
With global copper inventories at record-high levels, Chinese copper bar saw the biggest upwards shift for the day on our daily copper price index, rising 0.9 percent on Wednesday, July 17.
The Chinese copper cash price gained 0.9 percent to finish lower. Following a 0.7 percent rise yesterday, the price of Chinese copper wire improved. After a couple of days of decreasing prices, the price of Chinese bright copper scrap held steady.
The Japanese copper cash price increased 0.8 percent. Following a two-day drop, the price of US copper producer grades 110 and 122 increased by 0.8 percent. After falling for two days, the price of US copper producer grade 102 rose 0.7 percent.
The primary copper cash price rose 0.7 percent on the LME to $6,936 per metric ton after a two-day drop. The 3-month price of copper is back up, rising by 0.7 percent on the LME on Wednesday to close at $6,964 per metric ton.