After a Couple Changeless Days, Chinese Bright Copper Scrap Weakens

On Thursday, November 14, the day’s biggest mover was the price of Chinese bright copper scrap, which saw a 3.5 percent decline to CNY 43,230 ($7,095) per metric ton. Chinese copper wire finished the day down 0.8 percent to CNY 50,780 ($8,334) per metric ton. Chinese copper bar ended the day at CNY 51,630 ($8,473) per metric ton, after the 0.8 percent drop on Thursday. The Chinese copper cash price fell 0.8 percent to CNY 51,830 ($8,506) per metric ton.

The price of US copper producer grade 122 prices declined 1.8 percent , settling at $3.86 per pound. For the fifth day since Friday, November 8, the drop-off has accelerated. Metals’ downward trend picked up speed for Friday, November 8, as the price of US copper producer grade 110 dropped to $3.86 per pound after a 1.8 percent decrease. The price of US copper producer grade 102 fell 1.7 percent to $4.05 per pound, marking the fifth in a row of declining prices. The drop-off has accelerated since Friday, November 8. Weakening prices followed two days of improvement as the Japanese copper cash price dropped 0.4 percent to JPY 742,000 ($7,477) per metric ton.

The cash price of primary copper weakened by 1.4 percent on the LME, settling at $7,021 per metric ton. Following a quiet couple of days, the copper 3-month price fell 1.4 percent on Thursday on the LME to $7,029 per metric ton.

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