Cash Price of Japanese Copper Sees Small Price Drop
With a decline of 2.2 percent to JPY 726,000 ($7,243) per metric ton on Friday, November 15, the Japanese copper cash price recorded the biggest decline of the day. The price of US copper producer grade 110 steadied at $3.86 per pound following two-days of dropping prices. The price of US copper producer grade 102 flattened at $4.05 per pound after two days of downward movement. The price of US copper producer grade 122 flattened at $3.86 following two-days of declines.
Chinese copper prices were mixed for the day. The price of Chinese copper bar is back up, rising by 0.3 percent last Friday to close at CNY 51,800 ($8,501) per metric ton. Following a two-day drop, the cash price of Chinese copper increased by 0.3 percent to CNY 52,000 ($8,534) per metric ton. Chinese copper wire prices saw a 0.1 percent decline to CNY 50,725 ($8,324) per metric ton. The price of Chinese bright copper scrap held steady at CNY 43,230 ($7,094) per metric ton.
The cash price of primary copper saw a 1.2 percent decline on the LME to $6,939 per metric ton. Also on the LME, the copper 3-month price declined 1.1 percent to $6,949 per metric ton.