Copper prices were dragged lower today by increased supply and lousy demand from top consumer China, with the metal on track to post its biggest weekly drop in three weeks.
Three-month copper on the London Metal Exchange (LME) traded 0.2 percent lower in official trading rings, at $6,985 a ton.
On Thursday, August 7, the day’s biggest mover was the copper 3-month price, which saw a 1.8 percent decline on the LME to $6,976 per metric ton. Also on the LME, the primary copper cash price declined 1.5 percent to $6,994 per metric ton.
The cash price of primary Japanese copper weakened by 1.0 percent, settling at JPY 756,000 ($7,402) per metric ton. The price of US copper producer grade 122 fell 0.8 percent to $3.87 per pound. The price of US copper producer grade 110 saw a 0.8 percent decline to $3.87 per pound. The price of US copper producer grade 102 fell 0.7 percent to $4.06 per pound.
Chinese copper closed mixed yesterday. Chinese copper bar prices saw a 0.3 percent decline to CNY 51,120 ($8,294) per metric ton. The Chinese copper cash price saw a 0.3 percent decline to CNY 51,320 ($8,327) per metric ton. The price of Chinese copper wire continues hovering around CNY 50,395 ($8,177) per metric ton for the fifth day in a row. The price of Chinese bright copper scrap held steady at CNY 44,300 ($7,188) per metric ton.