While Tuesday’s Chilean earthquake does not seem to have hit the Chilean copper industry particularly hard, prices for the red metal jumped on the LME yesterday. Chile is the world’s largest producer of copper and companies such as Sesa Sterlite and Hindalco have already reported little disruption to their supply chains but any disruption to such a large producer pushed prices up yesterday.
At $6,712 per metric ton, the cash price of primary copper moved up 1.2 percent on Thursday, April 3, making it the day’s biggest mover on the LME. Also on the LME, the copper 3-month price rose 1.2 percent to $6,705 per metric ton.
The Japanese copper cash price increased 0.6 percent to JPY 719,000 ($6,922) per metric ton. The price of US copper producer grade 122 gained 0.3 percent to finish at $3.76 per pound. The price of US copper producer grade 110 inched up 0.3 percent to $3.76 per pound. At $3.95, the price of US copper producer grade 102 finished the market day up 0.3 percent per pound.
Chinese copper closed mixed on Thursday. The price of Chinese copper wire closed at CNY 46,875 ($7,554) per metric ton. Following a couple days of improvement, the metal’s price weakened by 0.6 percent. The price of Chinese copper bar declined 0.3 percent to CNY 47,850 ($7,711) per metric ton. The Chinese copper cash price fell 0.3 percent to CNY 48,050 ($7,743) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,139) per metric ton.