Copper 3-Month Price Breaks Flat Spell

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Metal Prices, Premium

The copper 3-month price closed Friday, November 29 at $6,994 per metric ton, halting its three-day flat run on the LME with a 1.0 percent drift. The cash price of primary copper prices declined 0.9 percent on the LME , settling at $6,987 per metric ton. For the fifth day since Monday, November 25, the drop-off has accelerated.

At JPY 750,000 ($7,331), the cash price of primary Japanese copper finished the market day up 0.1 percent per metric ton. After dropping for two days, the price of US copper producer grade 122 flattened at $3.90. Following two days of downward movement, the price of US copper producer grade 102 held steady at $4.09 per pound. The price of US copper producer grade 110 flattened at $3.90 following two-days of declines.

Chinese copper prices were mixed for the day. The price of Chinese bright copper scrap rose by 0.9 percent to CNY 43,600 ($7,158) per metric ton. After falling for two days, the price of Chinese copper bar rose 0.2 percent to CNY 51,720 ($8,491) per metric ton. The cash price of Chinese copper is back up, rising by 0.2 percent last Friday to close at CNY 51,920 ($8,523) per metric ton. After a couple of days of decreasing prices, the price of Chinese copper wire held steady at CNY 50,725 ($8,327).

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