Copper prices neared $7,000 per ton late last week on the London Metal Exchange, clawing back 10% from March as a stockpiles fell and tight supply from China created a mini-rally. But those gains have sputtered out this week as consumers have decided to wait for prices to fall again.
On Wednesday, May 21, the day’s biggest mover was the price of Chinese copper wire, which saw a 1.4 percent decline to CNY 49,905 ($8,000) per metric ton. Chinese copper bar ended the day at CNY 50,850 ($8,152) per metric ton, after the 1.3 percent drop on Wednesday. The cash price of Chinese copper weakened by 1.3 percent, settling at CNY 51,050 ($8,184) 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 ($7,102) per metric ton.
The Japanese copper cash price is back up, rising by 1.0 percent yesterday to close at JPY 738,000 ($7,287) per metric ton. The price of US copper producer grade 122 fell 0.5 percent to $3.85 per pound. The price of US copper producer grade 110 declined 0.5 percent to $3.85 per pound. The price of US copper producer grade 102 fell 0.5 percent to $4.04 per pound.
The primary copper cash price saw a 1.2 percent decline on the LME to $6,922 per metric ton. The copper 3-month price weakened by 0.8 percent on the LME, settling at $6,884 per metric ton.