European Economies Push Copper to 7-Week Low

by on

Copper fell to its lowest since late June on Thursday on concerns about demand for the industrial metal after data showing euro zone economic growth ground to a halt in the second quarter and the Chinese property sector cooled, Reuters reported.

FREE Download: The Monthly MMI® Report – covering the Copper market.

Germany’s economy contracted by 0.2 percent on the quarter, undercutting Bundesbank forecasts. France fared little better, flatlining for the second successive quarter. With so much uncertainty surrounding Russia and Ukraine, a quick rebound is unlikely.

The copper cash price saw the biggest decline of the day, dropping 1.4 percent on the LME to close at $6,925 per metric ton on Thursday, August 14. Also on the LME, the copper 3-month price fell 1.3 percent to $6,916 per metric ton.

* Get the complete prices every day on the MetalMiner IndX℠

The price of US copper producer grade 122 declined 1.0 percent to $3.81 per pound. The price of US copper producer grade 110 saw a 1.0 percent decline to $3.81 per pound. The price of US copper producer grade 102 fell 1.0 percent to $4.00 per pound. The Japanese copper cash price weakened by 0.3 percent, settling at JPY 747,000 ($7,294) per metric ton.

Chinese copper prices were mixed for the day. The price of Chinese copper bar declined 1.2 percent to CNY 50,360 ($8,181) per metric ton. The cash price of Chinese copper declined 1.2 percent to CNY 50,560 ($8,213) per metric ton. For the fifth consecutive day, the price of Chinese copper wire held flat at CNY 50,395 ($8,186) per metric ton. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat at CNY 44,300 ($7,196) per metric ton.

{Comments Off on European Economies Push Copper to 7-Week Low Comments Off on European Economies Push Copper to 7-Week Low}