Inventories of copper monitored by exchanges in London, Shanghai and New York are the lowest since October 2008, Bloomberg News Reported. Chinese authorities are investigating whether stockpiled metal at the port of Qingdao was counted more than once to obtain credit. Prices have now erased declines that followed the recent release of US economic reports.
At $6,900 per metric ton, the copper cash price moved up 1.8 percent on Tuesday, June 24, making it the day’s biggest mover on the LME. Also on the LME, the 3-month price of copper rose 1.7 percent to $6,879 per metric ton.
At JPY 727,000 ($7,136), the Japanese copper cash price finished the market day up 1.5 percent per metric ton. The price of US copper producer grade 122 gained 0.8 percent to finish at $3.84 per pound. The price of US copper producer grade 110 inched up 0.8 percent to $3.84 per pound. The price of US copper producer grade 102 increased 0.8 percent to $4.03 per pound.
Chinese copper closed mixed yesterday. The price of Chinese copper bar closed at CNY 51,250 ($8,232) per metric ton. Following a couple days of improvement, the metal’s price weakened by 0.7 percent. Weakening prices followed two days of improvement as the Chinese copper cash price dropped 0.7 percent to CNY 51,450 ($8,264) per metric ton. The price of Chinese copper wire closed at CNY 50,375 ($8,091) per metric ton. Following a couple days of improvement, prices fell by 0.7 percent. The price of Chinese bright copper scrap held steady at CNY 44,300 ($7,115) per metric ton.