Copper futures fell to a 12-week low on economic signals indicating easing demand in China, the world’s top consumer, and the US, the second-biggest.
In China, consumer inflation touched a four-month low and factory-gate prices extended a decline to 30 straight months, government data showed today. In the US, jobless claims unexpectedly rose to a two-month high, the Labor Department said.
Copper futures for December delivery fell 0.9 percent to $3.084 a pound at 10:17 a.m. on the Comex in New York. Earlier, the price touched $3.0625, the lowest for a most-active contract since June 19.
On Wednesday, September 10, the day’s biggest mover was US copper producer grade 110 price, which saw a 1.6 percent decline to $3.80 per pound. The price of US copper producer grade 122 fell 1.6 percent to $3.80 per pound. The price of US copper producer grade 102 weakened by 1.5 percent, settling at $3.99 per pound. The Japanese copper cash price ended a two-day climb, settling at JPY 766,000 ($7,216) per metric ton.
Chinese copper prices were flat for the day. Chinese copper bar saw little change in its price on Wednesday at CNY 51,400 ($8,370) per metric ton. The cash price of Chinese copper saw little movement on Wednesday, closing out around CNY 51,600 ($8,402) per metric ton. The price of Chinese copper wire remained essentially flat at CNY 50,395 ($8,206) per metric ton. The price of Chinese bright copper scrap saw essentially no change for the fifth day in a row, remaining around CNY 44,300 ($7,213) per metric ton.
On the LME, the 3-month price of copper saw little change in its price yesterday at $6,950 per metric ton. Also on the LME, the cash price of primary copper held steady around $6,967 per metric ton.