China’s smelters have cut exports of spot refined copper over the past week to sell more in the domestic market where prices have risen, easing a supply shortage in the world’s top consumer of the metal, Reuters reported.
Reflecting the easier availability, premiums copper buyers in China pay on top of the Shanghai Futures Exchange front-month contract to secure physical metal have halved to around 500-600 yuan ($80.28-$96.34) per ton this week from more than 1,000 yuan in April, traders and sources at smelters said.
On Monday, June 2, the day’s biggest mover was the Japanese copper cash price, which saw a 0.9 percent decline to JPY 738,000 ($7,244) per metric ton. The price of US copper producer grade 110 declined 0.5 percent to $3.83 per pound. The price of US copper producer grade 122 weakened by 0.5 percent, settling at $3.83 per pound. The price of US copper producer grade 102 saw a 0.5 percent decline to $4.02 per pound.
Chinese copper prices were flat for the day. The price of Chinese copper bar steadied at CNY 50,570 ($8,090) per metric ton following two-days of dropping prices. The Chinese copper cash price flattened at CNY 50,770 ($8,122) per metric ton after two days of downward movement. The price of Chinese copper wire flattened at CNY 49,745 ($7,958) following two-days of declines. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,087) per metric ton.
On the LME, the 3-month price of copper fell 0.5 percent to $6,905 per metric ton. The cash price of primary copper weakened by 0.5 percent on the LME, settling at $6,995 per metric ton.