Economic data from China showed manufacturing activity in the world’s largest importer of copper recovering only marginally last month.
China’s official purchasing managers’ index crept up to 50.4 last month, compared to 50.3 in March, where any number above 50 indicates expansion. That was in line with economist forecasts, according to the Wall Street Journal, but the reading was seen as only a small improvement in the manufacturing sector
Copper for July delivery, the most active contract, traded at $3.0175, down 1.05 cents or 0.4% on the Comex division of the New York Mercantile Exchange.
For Wednesday, April 30, Chinese copper bar traded sideways, keeping at CNY 50,680 ($8,099) per metric ton. The Chinese copper cash price remained essentially flat at CNY 50,880 ($8,131) per metric ton. The price of Chinese copper wire held steady at CNY 49,780 ($7,955) per metric ton. The price of Chinese bright copper scrap saw essentially no change for the fifth day in a row, remaining around CNY 44,300 ($7,079) per metric ton.
The price of US copper producer grade 122 flattened at $3.77 following two-days of declines. The Japanese copper cash price saw little movement on Wednesday at JPY 720,000 ($7,020) per metric ton. After dropping for two days, the price of US copper producer grade 102 flattened at $3.96. The price of US copper producer grade 110 steadied at $3.77 per pound following two-days of dropping prices.
On the LME, the copper 3-month price held steady around $6,750 per metric ton. Also on the LME, the cash price of primary copper remained essentially flat at $6,768 per metric ton.