Copper Continues Freefall, May Remain Under Pressure for the Year

Various macroeconomic influences have added to its misery of the price of cooper according to the economic times, ranging from Chinese credit tightening concerns, Russia-Ukrainian tensions, sluggish Japanese data, mixed US data, muted steel demand in China to the overall slide of industrial commodities, pushing it into a bear market, commodity broker Motilal Oswal said in its commodity insight report. The broker cautioned that copper may remain under these price pressures for the entire year.

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Chinese copper bar saw the biggest price decline of the day, dropping 1 percent on Friday. The Chinese copper cash price fell to a 30-day low after dropping 1 percent. The price of Chinese copper wire reached a 30-day low, as well, after decreasing 0.9 percent. The price of Chinese bright copper scrap remained essentially flat.

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US copper producer grade 122 saw its price drop 0.8 percent to a 30-day low Friday. The price of US copper producer grade 110 fell 0.8 percent to a 30-day low, as well. The price of US copper producer grade 102 fell .8 percent Friday to reach yet another 30-day low. After falling for two days, the Japanese copper cash price rose 0.4 percent.

The 3-month price of copper fell to a 30-day low after falling 0.1 percent. The cash price of primary copper steadied at $6,495 per metric ton following two-days of dropping prices on the LME.

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