After a couple of days of decreasing prices on the LME, the copper 3-month price held steady at $6,460. Also on the LME, the primary copper cash price saw little change in its price yesterday at $6,495 per metric ton.
Andrew Cole of the Business Times writes of the recent declines in the value of copper: “We think this move down feels overdone and could turn into a spike, especially if consumer (and potentially strategic) buying emerges at these low levels.”
The weakening prices further changed direction Monday with actual rises in price for US copper. The price of US copper producer grade 110 rose 0.5 percent. The price of US copper producer grade 122 also rose 0.5 percent yesterday. Just off of a 30-day low, the price of US copper producer grade 102 rose 0.5 percent on Monday. The cash price of primary Japanese copper held steady yesterday.
Flat was the new up in China. Chinese copper prices closed flat for the day. Chinese copper bar held its value on Monday. The cash price of Chinese copper remained essentially flat as well. Following two days of downward movement, the price of Chinese copper wire held steady. The price of Chinese bright copper scrap saw essentially no change for the fifth day in a row.