US Copper Spike Erased as Market Corrects Itself

by on

The price of US copper producer grade 122 fell 11.9 percent on Wednesday, August 27 to $3.89 per pound, making it the day’s biggest mover. The price spiked 13% in the previous day’s trading on US home sales data but came back to Earth today.

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

On the LME, the cash price of primary copper inched up 0.1 percent to $7,095 per metric ton. Also on the LME, the copper 3-month price saw little change in its price on Wednesday at $7,068 per metric ton.

After improving for two days, the price of US copper producer grade 110 declined 0.8 percent to $3.89 per pound. The price of US copper producer grade 102 closed at $4.08 per pound. Following a couple days of improvement, prices fell by 0.7 percent. The cash price of primary Japanese copper saw little price change yesterday at JPY 771,000 ($7,407) per metric ton.

Chinese copper prices were mixed for the day. Declining prices continue for Chinese copper bar. It closed at CNY 51,680 ($8,398) per metric ton only after falling further, this time by 0.7 percent. Declining prices continue for the cash price of Chinese copper. It closed at CNY 51,880 ($8,431) per metric ton only after falling further, this time by. The price of Chinese copper wire saw essentially no change for the fifth day in a row, remaining around CNY 50,395 ($8,189) per metric ton. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat at CNY 44,300 ($7,199) per metric ton.

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

{Comments Off on US Copper Spike Erased as Market Corrects Itself Comments Off on US Copper Spike Erased as Market Corrects Itself}