Concern over weakening demand for copper, eased, somewhat after an economic growth report in China, the world’s largest consumer, met expectations. China’s 7.4 percent advance in gross domestic product was a little better than the 7.3 percent median estimate in a Bloomberg News survey of analysts but still down from the 7.7% rate of growth in the last quarter of 2013. Long-term prospects still seem shaky at best as China tries to modernize its economy which could slow its rate of urbanization.
Following a quiet couple of days, the primary copper cash price fell 0.2 percent yesterday on the LME to $6,625 per metric ton. Also on the LME, the 3-month price of copper held steady around $6,630 per metric ton.
Chinese copper bar saw a 2.2 percent drop on Wednesday, April 16, landing at CNY 48,320 ($7,766) per metric ton and making it the biggest mover of the day. The Chinese copper cash price weakened by 2.2 percent, settling at CNY 48,520 ($7,798) per metric ton. The price of Chinese copper wire remained essentially flat at CNY 47,580 ($7,647) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,120) per metric ton.
After holding steady for the past few days, the price of US copper producer grade 122 fell 1.3 percent, closing at $3.71 per pound. After remaining flat for three days, the price of US copper producer grade 110 fell 1.3 percent on Wednesday to $3.71 per pound. The price of US copper producer grade 102 fell 1.3 percent on Wednesday to $3.90 per pound. The cash price of primary Japanese copper rose 0.3 percent to JPY 707,000 ($6,939) per metric ton.