Copper Still Down on Chinese Factory Reports

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Copper futures closed  flat-to-down on the London Metal Exchange, hurt by concern over Chinese demand for the metal after some weaker than expected economic data from the country on Monday. The LME was closed on Monday for a public holiday so Tuesday’s close was the first chance for the market to react to negative factory reports from China.

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The price of Chinese copper bar fell 0.7 percent on Tuesday, May 6 to CNY 50,300 ($8,053) per metric ton, making it the day’s biggest mover. After remaining flat for three days, the cash price of Chinese copper fell 0.7 percent yesterday to CNY 50,500 ($8,086) per metric ton. Chinese copper wire saw little change in its price on Tuesday at CNY 49,690 ($7,956) per metric ton. The price of Chinese bright copper scrap remained essentially flat at CNY 44,300 ($7,093) per metric ton.

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The price of US copper producer grade 122 declined 0.3 percent to $3.77 per pound. The price of US copper producer grade 110 saw a 0.3 percent decline to $3.77 per pound. The price of US copper producer grade 102 weakened by 0.3 percent, settling at $3.96 per pound. The Japanese copper cash price held steady yesterday, remaining around JPY 708,000 ($6,932) per metric ton.

The copper 3-month price saw little price change yesterday on the LME at $6,665 per metric ton. Also on the LME, the primary copper cash price saw little movement yesterday at $6,698 per metric ton.

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