Copper futures ended lower on Thursday after a weaker-than-expected reading of US economic growth prompted some investors to reduce holdings of the industrial metal.
Copper prices had marched higher in recent weeks, rebounding 8.7% from March. Hopes that authorities in China, the world’s top copper consumer, would enact measures to boost the country’s slowing economy and signs of stronger business activity in the US, the world’s no. 2 copper consumer, had lured some investors back to the copper market.
On Thursday, May 29, the day’s biggest mover was the price of Chinese copper wire, which saw a 1.1 percent decline to CNY 50,035 ($8,003) per metric ton. The price of Chinese copper bar fell 0.5 percent to CNY 50,870 ($8,137) per metric ton. The cash price of Chinese copper declined 0.5 percent to CNY 51,070 ($8,169) per metric ton. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat at CNY 44,300 ($7,086) per metric ton.
The price of US copper producer grade 122 saw a 0.3 percent decline to $3.88 per pound. The price of US copper producer grade 110 declined 0.3 percent to $3.88 per pound. The price of US copper producer grade 102 fell 0.2 percent to $4.07 per pound. The cash price of primary Japanese copper rose 0.1 percent to JPY 745,000 ($7,323) per metric ton.
The 3-month price of copper gained 0.3 percent on the LME, finishing at $6,940 per metric ton. At $7,030, the primary copper cash price finished the market day on the LME up 0.2 percent per metric ton.