London copper prices ticked higher in early trading today as dealers eyed the possibility of new stimulus measures from the European Central Bank, helping to boost investor sentiment.
Investors were encouraged by signs that the central bank is considering the purchase of corporate bonds, which could help bolster the region’s flagging economic recovery.
On Tuesday, October 21, the day’s biggest mover was the cash price of Japanese copper, which saw a 1.9% increase to JPY 747,000 ($6,861) per metric ton. This increase comes after the price fell for the two previous days. The price of US copper producer grade 110 saw a 0.3% decline to $3.70 per pound. The price of US copper producer grade 122 fell 0.3% to $3.70 per pound. The price of US copper producer grade 102 declined 0.3% to $3.89 per pound.
Chinese copper prices closed flat for the day. Following two days of downward movement, the price of Chinese copper bar held steady at CNY 48,550 ($7,905) per metric ton. The Chinese copper cash price steadied at CNY 48,750 ($7,937) per metric ton following two-days of dropping prices. The price of Chinese copper wire saw essentially no change for the fifth day in a row, remaining around CNY 50,395 ($8,205) per metric ton. The price of Chinese bright copper scrap was unchanged at CNY 44,300 ($7,213) per metric ton.
The cash price of primary copper weakened by 0.2% yesterday on the LME, settling at $6,615 per metric ton. Also on the LME, the 3-month price of copper declined 0.1% to $6,570 per metric ton.