Copper prices slipped on Monday and early Tuesday, under pressure from data showing growth in China’s services sector slowed to its lowest level in nearly nine years, raising concerns about the demand outlook from the world’s top metals consumer.
The 3-month price of copper saw a 0.8 percent drop on the LME on Monday, August 4, landing at $7,059 per metric ton and making it the biggest mover of the day. Also on the LME, the primary copper cash price declined 0.8 percent to $7,078 per metric ton.
The cash price of primary Japanese copper weakened by 0.3 percent, settling at JPY 766,000 ($7,469) per metric ton. The price of US copper producer grade 122 declined 0.3 percent to $3.91 per pound. The price of US copper producer grade 110 fell 0.3 percent to $3.91 per pound. The price of US copper producer grade 102 saw a 0.2 percent decline to $4.10 per pound.
Chinese copper prices closed flat for the day. The price of Chinese copper bar showed little movement on Monday at CNY 51,480 ($8,330) per metric ton. The cash price of Chinese copper saw little movement yesterday, closing out around CNY 51,680 ($8,362) per metric ton. The price of Chinese copper wire remained essentially flat at CNY 50,405 ($8,156) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,168) per metric ton.