Copper Steadies as Year Ends

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Copper steadied on the London Metal Exchange during the last trading session of 2014 but prices were still down on most other exchanges.

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Just off of a 30-day low of $6,271 per metric ton, the copper 3-month price rose 0.3% yesterday on the LME. Also on the LME, the primary copper cash price saw little movement on Wednesday at $6,325 per metric ton.

With a 0.9% increase on Wednesday, December 31, Chinese copper bar was the biggest mover on the Copper MMI®. The Chinese copper cash price inched up 0.9% to CNY 47,620 ($7,678) per metric ton. The price of Chinese copper wire increased 0.5% to CNY 46,560 ($7,507) per metric ton. The price of Chinese bright copper scrap remained essentially flat at CNY 40,400 ($6,514) per metric ton.

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The price of US copper producer grade 122 showed little movement yesterday, hovering around $3.54 per pound. The Japanese copper cash price saw little price change yesterday at JPY 794,000 ($6,646) per metric ton. The price of US copper producer grade 102 showed little movement yesterday at $3.73 per pound. The price of US copper producer grade 110 remained essentially flat at $3.54 per pound.

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