Chinese copper futures rebounded slightly Friday thanks to a deceleration in the fall in home prices in 70 major Chinese cities in November.
Copper prices on the Shanghai Futures Exchange fell considerably at the beginning of the week, following a series of weak economic data. But there was a slight recovery on Thursday and Friday, after the release of home prices for 70 major cities for November.
According to the figures released Thursday by the National Bureau of Statistics (NBS), new home prices declined month-on-month in 67 of the 70 cities tracked by the NBS, and secondhand home prices fell in 68 cities.
However, the decline moderated, with most cities seeing a narrowing fall in home prices.
The cash price of Japanese copper closed as the biggest mover for Friday, December 19. Switching from a downward trend, the metal closed at JPY 790,000 ($6,642) per metric ton following a 1.7% increase. The price of US copper producer grade 110 fell to a 30-day low at $3.58 per pound after shifting 0.3%. The price of US copper producer grade 122 reached a 30-day low after decreasing 0.3% to $3.58 per pound. After falling 0.3% to $3.77 per pound, the price of US copper producer grade 102 reached a 30-day low.
Chinese copper closed mixed last Friday. Chinese copper bar finished the day down 0.3% to CNY 47,100 ($7,580) per metric ton. The cash price of Chinese copper weakened by 0.3%, settling at CNY 47,300 ($7,613) per metric ton. Chinese copper wire closed 0.3% lower at CNY 46,320 ($7,455) per metric ton. The price of Chinese bright copper scrap remained steady at CNY 40,200 ($6,470) per metric ton.
Just off of a 30-day low of $6,318 per metric ton, the copper 3-month price rose 0.8% last Friday on the LME. After hitting a 30-day low of $6,350 per metric ton on Wednesday, December 17, the primary copper cash price rose 0.7% last Friday on the LME.