Copper and other base metals dipped earlier this week on news that Japan had slipped into recession, but the red metal recovered today and closed higher on the London Metal Exchange.
Many metals on the LME fell after news that economic output had fallen for two successive quarters in Japan, one of Asia’s biggest commodity importers.
Chinese bright copper scrap saw the biggest upwards shift for the day, rising 2.4% to close at CNY 42,300 ($6,909) per metric ton on Wednesday, November 19. Chinese copper wire finished the day down 0.2% to CNY 47,995 ($7,840) per metric ton. Chinese copper bar closed 0.1% lower at CNY 48,750 ($7,963) per metric ton. The cash price of Chinese copper weakened by 0.1%, settling at CNY 48,950 ($7,996) per metric ton.
After a 0.1% increase, the cash price of primary Japanese copper finished the day at JPY 818,000 ($6,999) per metric ton. The price of US copper producer grade 122 saw little change in its price yesterday at $3.75 per pound. The price of US copper producer grade 102 saw little movement on Wednesday, closing out around $3.94 per pound. The price of US copper producer grade 110 remained essentially flat at $3.75 per pound.
The cash price of primary copper saw a 1.0% decline on the LME to $6,684 per metric ton. Also on the LME, the copper 3-month price declined 0.9% to $6,615 per metric ton.