Goldman Sachs has released their predictions for 13 commodities and things are not looking good for copper: “Thanks to tightening Chinese credit conditions and a collapse in Chinese construction completions, ‘We see copper prices falling from current levels on a 6 to 12-mo horizon.'” (Via: Business Insider)
On Wednesday, July 24, the Japanese copper cash price experienced the biggest change, rising 1.0 percent. The price of US copper producer grade 110 rose 0.3 percent. The price of US copper producer grade 122 also rose 0.3 percent. The price of US copper producer grade 102 inched up 0.2 percent.
Chinese copper prices were mixed for the day. After improving for two days, the price of Chinese copper wire declined 0.5 percent. The price of Chinese copper bar declined 0.4 percent, after two days of improvement. The cash price of Chinese copper changed direction with a 0.4 percent drop. After two days of improving prices, the metal finished in the $8,515 per metric ton range. Chinese bright copper scrap held its value on Wednesday.
Following two days of rising prices, the cash price of primary copper dropped 0.3 percent on the LME to $6,960 per metric ton. Following a two-day rise on the LME, the copper 3-month price flattened at $6,990.