Copper prices rose Thursday as some investors saw a bargain in the 5 ½-year low reached in the previous session.
The most actively traded contract, for March delivery, was recently up 5.75 cents, or 2.3%, at $2.5630 a pound on the Comex division of the New York Mercantile Exchange.
After falling 4.0% to $5,835 per metric ton, the 3-month price of copper reached a 30-day low on the LME. Primary cash copper saw its price drop on the LME 3.8% to a 30-day low of $5,914 per metric ton on Wednesday.
Yesterday’s biggest mover was Chinese copper wire, dropping 7.1% to settle at CNY 41,780 ($6,745) per metric ton on Wednesday, January 14. The price of Chinese bright copper scrap fell to a 30-day low at CNY 37,300 ($6,022) per metric ton after shifting 7.0%. Chinese copper bar saw its price drop 1.4% to a 30-day low of CNY 45,150 ($7,289) per metric ton on Wednesday. After falling 1.4% to CNY 45,350 ($7,321) per metric ton, the Chinese copper cash price reached a 30-day low.
The cash price of primary Japanese copper fell 2.6% to JPY 746,000 ($6,333) per metric ton yesterday after two days of no change. The price of US copper producer grade 122 reached a 30-day low after decreasing 0.9% to $3.47 per pound. The price of US copper producer grade 110 fell 0.9% to a 30-day low of $3.47 per pound yesterday. The price of US copper producer grade 102 reached a 30-day low after decreasing 0.8% to $3.66 per pound.