The US dollar hit a near 9-year high versus a currency basket, supported by Commerce Department data revising third-quarter US growth up to 5%, its quickest pace in 11 years.
The dollar move outweighed the positive impact on copper of more stable oil prices and firmer equities. A stronger dollar makes dollar-priced metals costlier for non-US investors.
The Japanese copper cash price saw a 1.7% increase on Wednesday, December 24, reaching JPY 798,000 ($6,611) per metric ton and making it the biggest mover for the day. The price of US copper producer grade 110 showed little movement on Wednesday at $3.61 per pound. The price of US copper producer grade 102 remained essentially flat at $3.80 per pound. The price of US copper producer grade 122 held steady around $3.61 per pound.
Chinese copper closed mixed yesterday. The price of Chinese copper bar fell 0.4% to CNY 47,220 ($7,586) per metric ton. The cash price of Chinese copper declined 0.4% to CNY 47,420 ($7,618) per metric ton. Chinese copper wire prices saw a 0.4% decline to CNY 46,450 ($7,462) per metric ton. The price of Chinese bright copper scrap increased 0.2% to CNY 40,500 ($6,506) per metric ton.
The 3-month price of copper saw a 1.0% decline on the LME to $6,316 per metric ton. The cash price of primary copper weakened by 1.0% on the LME, settling at $6,362 per metric ton.