The HSBC China Manufacturing Purchasing Managers’ Index in September was unchanged at 50.2 from August, below a preliminary reading indicating slightly higher growth that was released earlier this month. A reading above 50 indicates expansion, while a number below that threshold points to contraction. With China accounting for some 40% of the world’s copper demand, the weaker-than-expected data was seen as bad news for the industrial metal.
The primary copper cash price saw a 0.9% decline on the LME to $6,693 per metric ton. The 3-month price of copper weakened by 0.9% on the LME, settling at $6,651 per metric ton.
On Friday, October 3, the day’s biggest mover was the Japanese copper cash price, which saw a 1.2% decline to JPY 765,000 ($7,048) per metric ton. The price of US copper producer grade 110 fell 1.1% to $3.70 per pound. The price of US copper producer grade 122 weakened by 1.1%, settling at $3.70 per pound. The price of US copper producer grade 102 declined 1.0% to $3.89 per pound.
Chinese copper prices closed flat for the day. Chinese copper bar saw little change in its price last Friday at CNY 49,720 ($8,099) per metric ton. The Chinese copper cash price held steady around CNY 49,920 ($8,132) per metric ton. The price of Chinese copper wire continues hovering around CNY 50,395 ($8,209) per metric ton for the fifth day in a row. For the fifth consecutive day, the price of Chinese bright copper scrap held flat at CNY 44,300 ($7,216) per metric ton.