3-Month Copper Nearing $6,000 Per Metric Ton on the LME

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Copper traded on the London Metal Exchange is within 1.2% of $6,000 per metric ton after a 4-week selloff triggered by slowing demand from China and rising supplies. Data from the Commodity Futures Trading Commission show investors increased bets on bigger losses, with the net-short position doubling in the week ended Jan. 6.

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Today Copper for delivery in three months slipped 0.4%to $6,068 a metric ton by 11:43 a.m. in London. The metal fell as oil declined, spurring speculation that mining costs will be lower.

On Friday, January 9, the day’s the cash price of primary copper saw a 1% increase on the LME to $6,230 per metric ton. That increase came after the price fell for the 2 previous days. The 3-month price of copper rose 0.9% on the LME Friday to $6,160 per metric ton before it’s drop today.

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The price of US copper producer grade 122 is back up, rising by 0.3% last Friday to close at $3.51 per pound. Following a two-day drop, the price of US copper producer grade 110 increased by 0.3% to $3.51 per pound. After falling for two days, the price of US copper producer grade 102 rose 0.3% to $3.70 per pound. The Japanese copper cash price steadied at JPY 766,000 ($6,395) per metric ton following two-days of dropping prices.

Chinese copper prices were mixed for the day. Chinese copper wire ended the day at CNY 45,300 ($7,290) per metric ton, after the 0.7% drop last Friday. Chinese copper bar closed 0.6% lower at CNY 46,100 ($7,419) per metric ton. The Chinese copper cash price declined 0.6% to CNY 46,300 ($7,451) per metric ton. The price of Chinese bright copper scrap showed little movement last Friday at CNY 40,100 ($6,453) per metric ton.

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