Chinese Bright Copper Scrap Breaks Flat Spell

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Metal Prices, Premium

On Monday, July 29, the day’s biggest mover was the price of Chinese bright copper scrap, which saw a 5.2 percent decline to CNY 42,100 ($6,867) per metric ton. This was the first move after three changeless days. Chinese copper bar ended the day at CNY 50,950 ($8,310) per metric ton, after the 2.0 percent drop on Monday. The cash price of Chinese copper declined 2.0 percent to CNY 51,150 ($8,343) per metric ton. Chinese copper wire closed 1.8 percent lower at CNY 49,950 ($8,147) per metric ton.

The price of US copper producer grade 122 weakened by 2.1 percent, settling at $3.77 per pound. The price of US copper producer grade 110 fell 2.1 percent to $3.77 per pound. The price of US copper producer grade 102 saw a 2.0 percent decline to $3.96 per pound. The cash price of primary Japanese copper fell 1.6 percent to JPY 726,000 ($7,411) per metric ton.

On the LME, the 3-month price of copper declined 0.3 percent to $6,925 per metric ton. The cash price of primary copper weakened by 0.3 percent on the LME, settling at $6,905 per metric ton.