Andy Home: China’s State Resources Bureau is Back And Buying Copper

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Reuters metal columnist Andy Home ponders what, exactly, China’s State Resources Bureau is up to with its purchase of 200,000 tons of copper. Home says the best estimate is that the SRB will be a net buyer of around 300,000 tons this year, albeit with the potential to add more against its 2015 budget target if the price is right. More of Home’s insight is available at Reuters.

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Chinese copper bar saw the biggest upwards shift for the day, rising 1.2 percent to close at CNY 51,500 ($8,236) per metric ton on Monday, April 28. The cash price of Chinese copper gained 1.2 percent to finish at CNY 51,700 ($8,268) per metric ton. The price of Chinese copper wire flattened at CNY 49,680 ($7,945) after two days of improvement. The price of Chinese bright copper scrap held steady at CNY 44,300 ($7,085) per metric ton.

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The Japanese copper cash price increased 1.1 percent to JPY 721,000 ($7,032) per metric ton. After improving for two days, the price of US copper producer grade 122 declined 0.3 percent to $3.82 per pound. Weakening prices followed two days of improvement as the price of US copper producer grade 110 dropped 0.3 percent to $3.82 per pound. Following a couple days of improvement, the price of US copper producer grade 102 weakened by 0.2 percent. Prices closed at $4.01 per pound.

On the LME, the 3-month price of copper gained 0.8 percent to finish at $6,775 per metric ton. Also on the LME, the primary copper cash price inched up 0.8 percent to $6,785 per metric ton.

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