Chinese Homebuilding Numbers Hinder Copper’s Price

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Copper was down early today in London on demand concerns amid signs of slowing home sales in China, the world’s largest consumer, Bloomberg News reported.

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Sales will gain no more than 5 percent at an annual rate over the next year, compared with 27 percent for 2013, Moody’s Investors Service said today. The real-estate market accounts for about 60 percent of Chinese copper usage, Marex Spectron estimates. Through yesterday, the metal has fallen 6.5 percent this year on the London Metal Exchange.

The cash price of primary copper saw the biggest upwards shift for the day, rising 0.9 percent on the LME to close at $7,008 per metric ton yesterday. After a 0.8 percent increase, the copper 3-month price finished the day on the LME at $6,940 per metric ton.

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The cash price of primary Japanese copper saw a 0.4 percent decline to JPY 731,000 ($7,202) per metric ton. The price of US copper producer grade 122 showed little movement on Tuesday at $3.87 per pound. The price of US copper producer grade 102 remained essentially flat at $4.06 per pound. The price of US copper producer grade 110 remained essentially flat at $3.87 per pound.

Chinese copper prices were mixed for the day. Chinese copper bar prices saw a 0.3 percent decline to CNY 51,530 ($8,263) per metric ton. The cash price of Chinese copper fell 0.3 percent to CNY 51,730 ($8,295) per metric ton. Chinese copper wire stayed flat at around CNY 50,590 ($8,112) per metric ton. The price of Chinese bright copper scrap continues hovering around CNY 44,300 ($7,103) per metric ton for the fifth day in a row.

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