Jiangxi Copper Co., China’s largest smelter of the metal, recorded an 8.6 percent drop in second-half profit and warned that first-quarter earnings will decline by more than half because of falling prices this year.
Copper’s mini-rebound continued today on the LME. After a 0.9 percent increase, the 3-month price of copper finished the day at $6,559 per metric ton. At $6,559, the primary copper cash price finished the market day on the LME up 0.8 percent per metric ton.
Rising 1.6 percent to close at $3.74 per pound, the price of US copper producer grade 110 experienced the biggest change for Wednesday, March 26. The price of US copper producer grade 122 rose 1.6 percent to $3.74 per pound. The price of US copper producer grade 102 increased 1.6 percent to $3.93 per pound. The cash price of primary Japanese copper declined 0.3 percent to JPY 690,000 ($6,745) per metric ton.
Chinese copper prices were mixed for the day. At CNY 46,450 ($7,487), the price of Chinese copper wire finished the market day up 1.6 percent per metric ton. Chinese copper bar gained 0.7 percent to finish at CNY 47,330 ($7,629) per metric ton. The cash price of Chinese copper inched up 0.7 percent to CNY 47,530 ($7,661) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,141) per metric ton.