The price of copper may have found a bottom, even as the market for the beaten-down industrial metal faces its first supply glut in four years, the chief executive of Chilean miner Antofagasta PLC told The Wall Street Journal Monday.
Prices for copper have fallen more than 9% this year, but they may have already seen the worst of a slowdown in China, the world’s largest consumer of the industrial metal, Antofagasta Chief Executive Diego Hernandez said in his interview with the Journal.
On Monday, April 7, the cash price of primary copper experienced the biggest change, rising 1.1 percent on the LME to $6,677 per metric ton. Also on the LME, the copper 3-month price increased 1.1 percent to $6,681 per metric ton.
The price of US copper producer grade 122 showed little movement yesterday, hovering around $3.74 per pound. Following a two-day rise, the cash price of primary Japanese copper flattened at JPY 722,000 ($6,988). The price of US copper producer grade 102 held steady around $3.93 per pound. The price of US copper producer grade 110 showed little movement yesterday at $3.74 per pound.
Chinese copper prices were flat for the day. The price of Chinese copper bar remained essentially flat at CNY 48,230 ($7,764) per metric ton. The Chinese copper cash price saw little movement on Monday, closing out around CNY 48,430 ($7,796) per metric ton. Chinese copper wire held its value on Monday at CNY 47,305 ($7,615) per metric ton. The price of Chinese bright copper scrap was unchanged at CNY 44,300 ($7,131) per metric ton.