Falling Chinese Yuan Hurts Copper Price

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Copper prices shuffled between gains and losses after China, the world’s biggest consumer of the industrial metal, allowed its currency, the yuan, to hit a 14-month low against the US dollar. China’s yuan fell to its weakest level in more than a year Tuesday as Beijing signaled it wasn’t done pushing the currency lower, a move aimed at shaking out speculators who bet on gains and flooded the economy with excess cash, the Wall Street Journal Reported.

Chinese copper bar saw little movement on Monday, April 21, staying around CNY 49,100 ($7,881) per metric ton. Following a two-day rise, the Chinese copper cash price flattened at CNY 49,300 ($7,914). At CNY 48,160 ($7,731) per metric ton, the price of Chinese copper wire was essentially unchanged. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,111) per metric ton.

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The price of US copper producer grade 122 saw little movement yesterday at $3.76 per pound. After a couple of days of improving prices, the Japanese copper cash price held steady at JPY 711,000 ($6,925). The price of US copper producer grade 102 held steady around $3.95 per pound. The price of US copper producer grade 110 held steady yesterday, remaining around $3.76 per pound.

On the LME, the copper 3-month price held steady around $6,632 per metric ton. The primary copper cash price saw little movement on Tuesday on the LME, closing out around $6,631 per metric ton.

 

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