US economic data that was largely promising and signs that China will step in to support its cooling economy helped the price of struggling copper, at least in the Japanese markets. Copper continues to be battered by investment warehousing in China and overall weak global construction demand.
On Thursday, March 27, the day’s biggest mover was the cash price of Japanese copper, which saw a 2.0 percent increase to JPY 704,000 ($6,908) per metric ton. This increase comes after the price fell for the two previous days. The price of US copper producer grade 110 declined 0.8 percent to $3.71 per pound. The price of US copper producer grade 122 weakened by 0.8 percent, settling at $3.71 per pound. The price of US copper producer grade 102 saw a 0.8 percent decline to $3.90 per pound.
Chinese copper closed mixed on Thursday. The price of Chinese copper bar declined 0.2 percent to CNY 47,220 ($7,602) per metric ton, after two days of improvement. Following a couple days of improvement, the Chinese copper cash price weakened by 0.2 percent. Prices closed at CNY 47,420 ($7,634) per metric ton. The price of Chinese copper wire closed at CNY 46,380 ($7,467) per metric ton. Following a couple days of improvement, prices fell by 0.2 percent. The price of Chinese bright copper scrap was unchanged at CNY 44,300 ($7,132) per metric ton.
On the LME, the copper 3-month price fell 0.1 percent to $6,550 per metric ton. Also on the LME, the cash price of primary copper held steady around $6,555 per metric ton.