Copper Continues Freefall, May Remain Under Pressure for the Year

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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.