Copper prices in New York notched their biggest 1-day percentage gain in 4 months Thursday as investors took advantage of the recent slide to 5-1/2-year lows.
The most actively traded contract, copper for March delivery, rose 5.25 cents, or 2.1%, to settle at $2.5580 a pound on the Comex division of the New York Mercantile Exchange.
The copper 3-month price steadied at $5,835 per metric ton following two-days of dropping prices on the London Metal Exchange. The cash price of primary copper flattened at $5,914 following two-days of declines on the LME.
The price of US copper producer grade 110 saw a 6.1% drop on Thursday, January 15, landing at $3.26 per pound and making it the biggest mover of the day. The price of US copper producer grade 122 reached a 30-day low after decreasing 6.1% to $3.26 per pound. The price of US copper producer grade 102 fell 5.7% to a 30-day low of $3.45 per pound on Thursday. The cash price of primary Japanese copper showed little movement on Thursday at JPY 746,000 ($6,333) per metric ton.
Chinese copper prices were flat for the day. Following two days of downward movement, the price of Chinese copper bar held steady at CNY 45,150 ($7,289) per metric ton. The Chinese copper cash price flattened at CNY 45,350 ($7,321) following two-days of declines. Following two days of downward movement, the price of Chinese copper wire held steady at CNY 41,780 ($6,745) per metric ton. The price of Chinese bright copper scrap remained steady at CNY 37,300 ($6,022) per metric ton.