Copper prices fell to their lowest level in almost eight weeks Thursday, as investors reacted to weak economic data in Europe and the US, according to the Wall Street Journal.
Copper for September delivery, the most actively traded contract, was recently down 1.05 cents, or 0.3%, to $3.1015 a pound on the Comex division of the New York Mercantile Exchange. Prices hit $3.0965 a pound earlier in the session, their lowest level since June 20.
US copper producer grade 110 price saw a 0.5 percent drop on Wednesday, August 13, landing at $3.85 per pound and making it the biggest mover of the day. The price of US copper producer grade 122 declined 0.5 percent to $3.85 per pound. The price of US copper producer grade 102 weakened by 0.5 percent, settling at $4.04 per pound. The cash price of primary Japanese copper inched up 0.1 percent to JPY 749,000 ($7,323) per metric ton.
Chinese copper prices were flat for the day. The price of Chinese copper bar held steady at CNY 50,960 ($8,274) per metric ton. The cash price of Chinese copper saw little change in its price yesterday at CNY 51,160 ($8,307) per metric ton. The price of Chinese copper wire continues hovering around CNY 50,395 ($8,183) per metric ton for the fifth day in a row. The price of Chinese bright copper scrap held steady at CNY 44,300 ($7,193) per metric ton.
On the LME, the cash price of primary copper rose 0.2 percent to $7,025 per metric ton. Also on the LME, the 3-month price of copper rose 0.1 percent to $7,010 per metric ton.