In the third quarter, the Chinese economy probably expanded at the weakest pace since 2009, the median estimate in a Bloomberg survey showed before official figures come out later today. Inventories monitored by the London Metal Exchange will rise over the next 6 months while supplies increase, Goldman Sachs Group Inc. said in a report on Oct. 17.
“The attention is going to shift to China,” Tim Evans, the chief market strategist at Long Leaf Trading Group Inc. in Chicago, told Bloomberg. “If we continue to see poor data there, where does the growth come from? That conversation will continue to dominate the copper market moving forward.”
The price of US copper producer grade 110 closed as the biggest mover for Monday, October 20. Switching from a downward trend, the metal closed at $3.71 per pound following a 0.8% increase. Following a 0.8% rise on Monday, the price of US copper producer grade 122 closed at $3.71 per pound. The price of US copper producer grade 102 is back up, rising by 0.8% yesterday to close at $3.90 per pound. The cash price of primary Japanese copper fell 0.7% to JPY 733,000 ($6,733) per metric ton.
Chinese copper prices were mixed for the day. At CNY 48,550 ($7,905) per metric ton, Chinese copper bar fell 0.1% yesterday. The cash price of Chinese copper weakened by 0.1%, settling at CNY 48,750 ($7,937) per metric ton. The price of Chinese copper wire saw little movement at CNY 50,395 ($8,205) per metric ton. For the fifth consecutive day, the price of Chinese bright copper scrap held flat at CNY 44,300 ($7,213) per metric ton.
The copper 3-month price showed little movement yesterday on the LME at $6,578 per metric ton. Also on the LME, the primary copper cash price held steady around $6,629 per metric ton.