Copper Headed for a Big Weekly Drop

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Copper headed for the biggest weekly drop since November as China’s factory-gate prices extended a record run of declines, signaling weakening demand in the world’s largest metals user.

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Investors are weighing signs of slower growth in China and Europe and tumbling oil prices against strength in the US. China’s producer-price index (SHCOMP) fell in December fell 3.3%, the most in 2 years, according to the National Bureau of Statistics. US payroll data showed unemployment last month slid to 5.7%, the lowest since 2008, according to a Bloomberg survey.

The cash price of Japanese copper experienced the biggest price decline of the day, dropping 0.4% to close at JPY 766,000 ($6,421) per metric ton on Thursday, January 8. The price of US copper producer grade 110 reached a 30-day low after decreasing 0.3% to $3.50 per pound. The price of US copper producer grade 122 fell 0.3% to a 30-day low of $3.50 per pound yesterday. After falling 0.3% to $3.69 per pound, the price of US copper producer grade 102 reached a 30-day low.

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Chinese copper closed mixed yesterday. The price of Chinese copper bar declined 0.1% to CNY 46,400 ($7,469) per metric ton. The cash price of Chinese copper fell 0.1% to CNY 46,600 ($7,501) per metric ton. The price of Chinese copper wire flattened at CNY 45,640 ($7,346) per metric ton after two days of downward movement. The price of Chinese bright copper scrap remained essentially flat at CNY 40,100 ($6,455) per metric ton.

The cash price of primary copper fell to a 30-day low at $6,168 per metric ton after shifting 0.4%. Copper 3-month saw its price drop on the LME 0.3% to a 30-day low of $6,105 per metric ton yesterday.

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