Chinese Demand Wavers, Stunts Growth in Copper Prices

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Weakening demand from China and the unraveling of copper-related financing deals continue to plague the price of copper. Tuesday’s declines were a reversal after the metal hit a seven-week high on Monday following reports last week indicating that the Chinese State Reserves Bureau had purchased 200,000 tons of copper in March and April to move into state warehouses.

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US copper producer grade 110 price saw a 0.5 percent drop on Tuesday, April 29, landing at $3.80 per pound and making it the biggest mover of the day. The price of US copper producer grade 122 fell 0.5 percent to $3.80 per pound. The price of US copper producer grade 102 saw a 0.5 percent decline to $3.99 per pound. The cash price of primary Japanese copper held steady around JPY 721,000 ($7,032) per metric ton.

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Chinese copper prices were flat for the day. Following a two-day rise, the price of Chinese copper bar flattened at CNY 51,500 ($8,236). The Chinese copper cash price ended a two-day climb, settling at CNY 51,700 ($8,268) per metric ton. Chinese copper wire held its value yesterday at CNY 49,680 ($7,945) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,085) per metric ton.

The copper 3-month price closed at $6,750 per metric ton. Following a couple days of improvement, the metal’s price weakened by 0.4 percent on the LME. After a couple of days of improving prices on the LME, the primary copper cash price held steady at $6,782.

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