Copper is causing some concern for the industrial metal markets.
“Refined copper imports by China fell 10 percent to 262,942 tons in August from July, the General Administration of Customs said yesterday. ‘Copper imports may fall further as consumption might be a bit disappointing in the second half,’ said Wu Jianguo, an analyst at Maike Futures Brokerage Co, citing his own research after visiting fabricators in eastern China. Wu said prices on the Shanghai Futures Exchange were weaker-than-expected after the break,” reported Bloomberg.
With a 3.0 percent increase over the past day, the 3-month price of copper was the biggest mover on the LME, closing at $7,330 per metric ton on Friday, September 20. Also on the LME, the cash price of primary copper inched up 3.0 percent to $7,302 per metric ton.
After a 1.8 percent increase, the cash price of primary Japanese copper finished the day. The price of US copper producer grade 122 increased 1.5 percent. The price of US copper producer grade 110 gained 1.5 percent. The price of US copper producer grade 102 rose 1.4 percent.
Chinese copper prices closed flat for the day. Chinese copper bar held its value last Friday. The cash price of Chinese copper held steady, as did the price of Chinese copper wire. Chinese bright copper scrap stayed flat.