Via Shanghai Metals Market: “Spot copper premiums would rise to $250 per ton in China in the fourth quarter if Chinese economy stabilizes and long queues stay at London Metal Exchange warehouses, according to a leading trading house.”
A recent SMM survey showed that “a majority of Chinese copper wire and cable producers expected steady order books even after summer low season sets in as construction of power grids, public works and commercial real estates continued.”
On Friday, July 19, the day’s biggest mover was the Japanese copper cash price, which saw a 1.1 percent decline.
The prices of US copper producer grades 102, 110 and 122 showed little movement last Friday.
Chinese copper prices were mixed for the day. Chinese copper bar prices rose 1.0 percent. The cash price of Chinese copper rose 1.0 percent. Chinese copper wire gained 0.8 percent. The price of Chinese bright copper scrap was essentially unchanged.
On the LME, the cash price of primary copper declined 1.0 percent to $6,855 per metric ton. The 3-month price of copper weakened by 0.8 percent on the LME, settling at $6,885 per metric ton.