Strong Dollar the Latest Problem for Copper Prices

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London Metal Exchange copper prices were hindered by the strengthening US dollar, the latest in a litany of problems for copper this year. US copper recorded the biggest loss and Chinese copper prices were mixed despite recent stimulus efforts.

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With a decline of 1.0 percent to $3.90 per pound on Wednesday, August 6, US copper producer grade 110 price recorded the biggest decline of the day. The price of US copper producer grade 122 fell 1.0 percent to $3.90 per pound. The price of US copper producer grade 102 declined 1.0 percent to $4.09 per pound. Following a two-day drop, the Japanese copper cash price increased by 0.7 percent to JPY 764,000 ($7,447) per metric ton.

Chinese copper prices were mixed for the day. Chinese copper bar finished the day down 0.6 percent to CNY 51,280 ($8,310) per metric ton. The Chinese copper cash price saw a 0.6 percent decline to CNY 51,480 ($8,343) per metric ton. The price of Chinese copper wire continues hovering around CNY 50,395 ($8,167) per metric ton for the fifth day in a row. For the fifth consecutive day, the price of Chinese bright copper scrap held flat at CNY 44,300 ($7,179) per metric ton.

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On the LME, the copper 3-month price increased 0.1 percent to $7,103 per metric ton. Also on the LME, the primary copper cash price held steady around $7,100 per metric ton.

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