Exports the Culprit as Copper Flirts With Biggest Weekly Tumble in A Month

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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.

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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.

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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.

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