Copper Down Again on LME, Futures Showing More Losses on the Way

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Copper futures in Shanghai had their first weekly loss in five weeks on concern that demand is slowing in China, the world’s biggest user of metals. The contract for July delivery on the Shanghai Futures Exchange retreated 0.4 percent to close at 46,360 CNY ($7,451) a metric ton and was down 0.8 percent this week, Bloomberg News reported. The 3-month price of copper fell 0.4 percent yesterday on the LME to $6,603 per metric ton after three straight days with no change. The primary copper cash price weakened by 0.4 percent on the LME, settling at $6,599 per metric ton. The LME is closed today and Monday, April 21st for the Easter holiday.

The cash price of Japanese copper experienced the biggest price decline of the day, dropping 1.6 percent to close at JPY 696,000 ($6,793) per metric ton on Thursday, April 17. The price of US copper producer grade 110 increased 0.5 percent to $3.73 per pound. After a 0.5 percent increase, the price of US copper producer grade 122 finished the day at $3.73 per pound. The price of US copper producer grade 102 rose 0.5 percent to $3.92 per pound.

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Chinese copper closed mixed yesterday. Chinese copper bar prices rose 0.8 percent to CNY 48,720 ($7,833) per metric ton. The Chinese copper cash price gained 0.8 percent to finish at CNY 48,920 ($7,865) per metric ton. The price of Chinese copper wire showed little movement yesterday at CNY 47,580 ($7,650) per metric ton. The price of Chinese bright copper scrap held steady at CNY 44,300 ($7,122) per metric ton.

 

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