Copper futures have been creating quite a stir. As they are “headed for the biggest drop in almost three weeks on speculation that budget woes will damp the economy in the U.S., the world’s second-biggest user of the metal” reports Bloomberg.
“There’s concern over the budget talks in the U.S., and that’s keeping some negativity in the markets,” David Meger, the director of metal trading at Vision Financial Markets in Chicago, said in a telephone interview [to Bloomberg]. “There’s also lingering uncertainty over what the Fed will do.”
The price of Chinese copper wire rose 1.2 percent on Monday, September 23, making it the day’s biggest mover. After two days of flat prices. The price of Chinese copper bar rose by 0.9 percent after a three-day flat streak. The Chinese copper cash price rose by 0.9 percent. Chinese bright copper scrap saw little change in its price on Monday.
The price of US copper producer grade 122 declined 0.5 percent, after two days of improvement. The price of US copper producer grade 110 closed after prices fell by 0.5 percent. The price of US copper producer grade 102 changed direction with a 0.5 percent drop, after two days of improving prices. The Japanese copper cash price remained essentially flat.
Following a two-day rise on the LME, the cash price of primary copper flattened at $7,294. The 3-month price of copper steadied at $7,329 per metric ton following two-days of increases on the LME.