Copper Records Biggest Weekly LME Drop in Almost Two Months

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Copper prices were set for the biggest weekly drop in nearly two months on Friday after the dollar strengthened on speculation the Federal Reserve will raise interest rates earlier than previously expected.

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Three-month copper on the London Metal Exchange (LME) traded up 0.07 percent yesterday at $6,840.00 a ton at 1530 GMT. It closed down half a percent in the previous session, when it touched its weakest level since June 20 at $6,734 a ton. Copper is on track to post losses of nearly 2 percent for the week – the largest fall since the week ending July 18 when the metal lost 2.39 percent.

The day’s biggest mover broke away from a static phase with a 1.8 percent drop on Thursday, September 11. After three changeless days, the price of Chinese copper bar closed at CNY 50,500 ($8,238) per metric ton. After three straight days of no change, the Chinese copper cash price decreased by 1.7 percent to CNY 50,700 ($8,271) per metric ton. The price of Chinese copper wire continues hovering around CNY 50,395 ($8,221) per metric ton for the fifth day in a row. The price of Chinese bright copper scrap held steady at CNY 44,300 ($7,227) per metric ton.

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The Japanese copper cash price saw a 0.9 percent decline to JPY 759,000 ($7,104) per metric ton. At $3.81, the price of US copper producer grade 122 finished the market day up 0.3 percent per pound. The price of US copper producer grade 110 gained 0.3 percent to finish at $3.81 per pound. After a 0.3 percent increase, the price of US copper producer grade 102 finished the day at $4.00 per pound.

On the LME, the 3-month price of copper declined 1.1 percent to $6,870 per metric ton. Thursday saw the cash price of primary copper drift down 1.0 percent to $6,897 per metric ton after three quiet days.

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