SMM: Chinese Wire Rod Producers See Copper Prices Consolidating

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52% of copper wire rod producers surveyed by Shanghai Metals Market expect copper prices to vacillate in their current ranges in the near term, an SMM survey of 21 producers indicates.

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The Euro zone economy remains tepid, fueling expectations for looser monetary policy. Meanwhile, US economic figures were positive, but the US dollar index strengthened as a result, keeping copper prices in check. A strong stock market in China will lend support to copper prices, respondents said. However, time is still needed before the positive impact of China’s stimulus measures passes through to copper prices, leaving investors less optimistic about the Q4 copper market.

The cash price of Japanese copper saw the biggest upwards shift for the day, rising 0.9% to close at JPY 798,000 ($7,330) per metric ton on Friday, November 7. The price of US copper producer grade 110 is back up, rising by 0.3% last Friday to close at $3.74 per pound. Following a 0.3% rise last Friday, the price of US copper producer grade 122 closed at $3.74 per pound. Following a two-day drop, the price of US copper producer grade 102 increased by 0.3% to $3.93 per pound.

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Chinese copper prices were mixed for the day. Chinese copper bar prices rose 0.2% to CNY 48,900 ($7,962) per metric ton. The Chinese copper cash price increased 0.2% to CNY 49,100 ($7,994) per metric ton. 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. For the fifth consecutive day, the price of Chinese bright copper scrap held flat at CNY 44,300 ($7,213) per metric ton.

The primary copper cash price rose 0.5% on the LME to $6,681 per metric ton after a two-day drop. After falling for two days, the 3-month price of copper rose 0.5% on the LME to $6,615 per metric ton.

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