Shanghai Copper at Weekly Low Mark

Copper on the Shanghai Futures Exchange fell to the lowest level in a week before industrial profit data from China tomorrow. The London Metal Exchange is closed for the holiday.

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The metal in Shanghai fell 0.3% to close at 45,510 yuan ($7,328) a metric ton, the lowest since Dec. 19. China, the biggest metals consumer, will announce industrial profit for November after the index fell the most in 2 years in October, underscoring the need for looser monetary conditions. The world’s second-largest economy may temporarily waive a requirement for banks to set aside reserves for some deposits, people with knowledge of the matter told Bloomberg Businessweek, highlighting efforts to boost lending amid a expansion slowdown.

Following two days of increases, the price of Chinese bright copper scrap dropped by 0.2% to end at CNY 40,400 ($6,496) per metric ton on Thursday, December 25. The price of Chinese copper wire declined 0.1% to CNY 46,390 ($7,459) per metric ton. The price of Chinese copper bar flattened at CNY 47,180 ($7,586) following two-days of declines. After dropping for two days, the Chinese copper cash price flattened at CNY 47,380 ($7,618).

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The Japanese copper cash price weakened by 0.1%, settling at JPY 797,000 ($6,619) per metric ton. The price of US copper producer grade 122 remained essentially flat 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 110 held steady around $3.61 per pound.

Following two days of downward movement, the copper 3-month price held steady at $6,319 per metric ton on the LME. After a couple of days of decreasing prices on the LME, the cash price of primary copper held steady at $6,360.

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