Copper prices have recorded their steepest drop in seven weeks on the London Metals Exchange. Copper’s general price weakness for much of the year has been augmented by the investigation into China’s use of the metal as loan collateral.
Chinese copper wire saw a 1.5 percent drop on Tuesday, June 10, landing at CNY 48,490 ($7,770) per metric ton and making it the biggest mover of the day. Chinese copper bar finished the day down 1.5 percent to CNY 49,300 ($7,900) per metric ton. The Chinese copper cash price saw a 1.5 percent decline to CNY 49,500 ($7,932) 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 ($7,098) per metric ton.
The Japanese copper cash price fell 1.2 percent to JPY 716,000 ($6,986) per metric ton. The price of US copper producer grade 122 held steady around $3.75 per pound. The price of US copper producer grade 102 remained essentially flat at $3.94 per pound. The price of US copper producer grade 110 held steady yesterday, remaining around $3.75 per pound.
Following a 0.1 percent rise yesterday, the cash price of primary copper closed on the LME at $6,667 per metric ton. After dropping for two days on the LME, the 3-month price of copper flattened at $6,660.