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.
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.
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.