Chinese Copper Rally Shortlived? Beijing Bails Out Bank

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The People’s Bank of China took conservative steps to prevent a credit crisis in China as it announced that it would protect customers of Jiangsu Sheyang Rural Commercial Bank, which experienced a bank run on Tuesday as customers feared a collapse. The limited intervention failed to restore calm in the copper markets

On Tuesday, Chinese copper bar jumped up 1.6 percent, landing at CNY 47,000 ($7,585) per metric ton and making it the day’s biggest increase. At CNY 47,200 ($7,617), the Chinese copper cash price finished the market day up 1.5 percent per metric ton. The price of Chinese copper wire rose 0.8 percent to CNY 45,710 ($7,377) per metric ton after a two-day drop. The price of Chinese bright copper scrap remained essentially flat at CNY 44,300 ($7,149) per metric ton.

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The cash price of primary Japanese copper weakened by 1.1 percent, settling at JPY 692,000 ($6,770) per metric ton. The price of US copper producer grade 122 saw a 0.3 percent decline to $3.68 per pound. The price of US copper producer grade 110 declined 0.3 percent to $3.68 per pound. The price of US copper producer grade 102 fell 0.3 percent to $3.87 per pound.

On the LME, the cash price of primary copper declined 0.5 percent to $6,510 per metric ton. The copper 3-month price weakened by 0.4 percent on the LME, settling at $6,503 per metric ton.

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