Copper’s Steep Decline Continues, No End in Sight as Europe, Other Markets React
Copper continues to fall to new lows on the LME as concerns about the Chinese economy and possible sanctions against Russian copper compound the sliding metal’s woes. Copper’s slide is one of many factors in Europe that have caused a run on German government bonds, seen as a safe-haven by many from the volatility of commodities markets, the Financial Post reported.
Primary cash copper saw its price drop on the LME 0.3 percent to a 30-day low of $6,471 per metric ton on Wednesday. The 3-month price of copper fell to a 30-day low at $6,450 per metric ton after shifting 0.2 percent.
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With a decline of 0.5 percent Wednesday, Chinese copper wire recorded the biggest price drift of the day. Chinese copper bar closed 0.4 percent lower. The cash price of Chinese copper weakened by 0.4 percent. The price of Chinese bright copper scrap remained essentially flat.
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The cash price of primary Japanese copper gained 0.4 percent to finish. The price of US copper producer grade 122 fell to a 30-day low after shifting 0.3 percent. The price of US copper producer grade 110 fell 0.3 percent to a new 30-day low as well. The price of US copper producer grade 102 reached its own 30-day low after decreasing 0.3 percent.