Copper Prices Flatten After Mini Rally Ends

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Copper had a mini-price rally on Monday before settling back into familiar, unchanged territory, quashing hopes that a Chinese multinational’s purchase of Glencore Xstrata’s Las Bambas, Peru mines could push prices of the beleaguered metal up.

Prices for Chinese copper bar remained unchanged at CNY 49,400 ($7,943) per metric ton for. The cash price of Chinese copper held steady around CNY 49,600 ($7,975) per metric ton. At CNY 47,580 ($7,650) per metric ton, the price of Chinese copper wire was essentially unchanged. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat at CNY 44,300 ($7,123) per metric ton.

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The price of US copper producer grade 122 showed little movement on Tuesday at $3.76 per pound. The Japanese copper cash price remained essentially flat at JPY 705,000 ($6,917) per metric ton. The price of US copper producer grade 102 saw little change in its price yesterday at $3.95 per pound. The price of US copper producer grade 110 remained essentially flat at $3.76 per pound.

The copper 3-month price held steady on Tuesday on the LME, remaining around $6,626 per metric ton. The primary copper cash price saw little price change on Tuesday on the LME at $6,637 per metric ton.

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