Copper slipped on the London Metal Exchange today, trading near six-week lows as improving supply and renewed tension between Ukraine and Russia combined with a summer lull to curb investors’ appetite for risky assets.
Three-month copper on the London Metal Exchange slipped 0.2 percent to $6,979 a tonne, after earlier falling as low as $6,960, not far from the $6,924.50 it hit on June 30.
On Monday, August 11, the day’s biggest mover was the copper cash price, which saw a 0.6 percent increase on the LME to $7,019 per metric ton. This increase comes after the price fell for the two previous days. Also on the LME, the 3-month price of copper increased 0.4 percent to $7,000 per metric ton.
The Japanese copper cash price is back up, rising by 0.4 percent on Monday to close at JPY 749,000 ($7,332) per metric ton. The price of US copper producer grade 122 weakened by 0.3 percent, settling at $3.87 per pound. The price of US copper producer grade 110 fell 0.3 percent to $3.87 per pound. The price of US copper producer grade 102 saw a 0.2 percent decline to $4.06 per pound.
Chinese copper closed mixed yesterday. At CNY 51,320 ($8,332), the price of Chinese copper bar finished the market day up 0.4 percent per metric ton. After a 0.4 percent increase, the Chinese copper cash price finished the day at CNY 51,520 ($8,365) per metric ton. The price of Chinese copper wire saw essentially no change for the fifth day in a row, remaining around CNY 50,395 ($8,182) per metric ton. The price of Chinese bright copper scrap was unchanged at CNY 44,300 ($7,193) per metric ton.