Movin’ on up! “The worldwide glut of copper supply is poised to almost triple in 2014, driving prices to the lowest in at least three years at a time when the International Monetary Fund says economic growth will be weaker than forecast,” reports Bloomberg.
“The surplus will reach a 13-year high of 272,000 metric tons, according to data from Barclays Plc and the International Copper Study Group in Lisbon.”
The day’s biggest mover was the Japanese copper cash price which dropped by 1.4 percent on Friday, October 11. The price of US copper producer grade 110 gained 0.5 percent to finish. The price of US copper producer grade 122 rose 0.5 percent. The price of US copper producer grade 102 inched up 0.5 percent.
Chinese copper closed mixed last Friday. Following a 0.6 percent rise last Friday, the price of Chinese copper bar closed. The Chinese copper cash price is back up, rising by 0.6 percent last Friday. The price of Chinese copper wire finished the market day up 0.5 percent per metric ton. The price of Chinese bright copper scrap was essentially unchanged.
On the LME, the copper 3-month price held steady around $7,178 per metric ton. Also on the LME, the cash price of primary copper showed little movement last Friday, hovering around $7,140 per metric ton.