London copper edged lower on Monday, as traders turned defensive ahead of a slew of corporate earnings reports, but prices broadly held on to last week’s 3 percent gains on tighter-than-expected supply, Reuters reported.
Investors are waiting to see if record share prices will be justified by quarterly earnings reports and forecasts in the US and elsewhere, with aluminum producer Alcoa kicking off the US earnings season on Tuesday.
Following two days of increases, the price of Chinese copper wire dropped by 1.0 percent to end at CNY 51,795 ($8,344) per metric ton on Monday, July 7. Weakening prices followed two days of improvement as the price of Chinese copper bar dropped 0.9 percent to CNY 52,700 ($8,489) per metric ton. The Chinese copper cash price closed at CNY 52,900 ($8,522) per metric ton. Following a couple days of improvement, prices fell by 0.9 percent. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,136) per metric ton.
The Japanese copper cash price rose 0.9 percent to JPY 763,000 ($7,472) per metric ton. The price of US copper producer grade 122 inched up 0.3 percent to $3.96 per pound. The price of US copper producer grade 110 increased 0.3 percent to $3.96 per pound. The price of US copper producer grade 102 rose 0.2 percent to $4.15 per pound.
After a 0.5 percent increase, the cash price of primary copper finished the day on the LME at $7,158 per metric ton. At $7,150, the 3-month price of copper finished the market day on the LME up 0.5 percent per metric ton.