Copper Lower, Is It Set Up for More Pain?

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Copper recently reversed sharp price falls seen earlier this year, but fresh headwinds could push the metal lower in the second half, Capital Economics said in a note. “We expect renewed weakness in the copper price later this year as mine supply picks up and Chinese copper imports continue to fall due to waning demand from financing deals,” said Caroline Bain, senior commodities economist at Capital Economics, in a moneycontrol.com article.

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Following two days of increases, the price of Chinese copper bar dropped by 1.1 percent to end at CNY 51,950 ($8,371) per metric ton on Tuesday, July 15. Weakening prices followed two days of improvement as the cash price of Chinese copper dropped 1.1 percent to CNY 52,150 ($8,403) per metric ton. The price of Chinese copper wire dropped by 0.9 percent to CNY 50,790 ($8,184) per metric ton after holding steady. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,138) per metric ton.

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The price of US copper producer grade 122 fell 0.5 percent to $3.93 per pound. The price of US copper producer grade 110 saw a 0.5 percent decline to $3.93 per pound. The price of US copper producer grade 102 declined 0.5 percent to $4.12 per pound. The Japanese copper cash price changed direction with a 0.1 percent drop. After two days of improving prices, the metal finished at JPY 757,000 ($7,455) per metric ton.

On the LME, the primary copper cash price held steady around $7,154 per metric ton. Also on the LME, the 3-month price of copper showed little movement yesterday, hovering around $7,140 per metric ton.

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