Copper Up As Greek Leaders Vow to Keep the Euro

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Copper prices rebounded from fresh 5½-year lows Monday, as a weaker dollar reduced selling pressure on the industrial metal.

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Copper for March delivery, the most actively traded contract, was recently up 0.6% at $2.5155 a pound on the Comex division of the New York Mercantile Exchange. Earlier in the day, prices fell to $2.4190 a pound, the lowest level since June 2009.

The dollar eased from new 11½-year highs against the euro on Monday morning, as it became clear that Greece’s victorious Syriza party is unlikely to abandon the euro, despite months of rhetoric against the single currency.

On Friday, January 23, the copper 3-month price experienced the biggest change, rising 2.0% on the LME to $5,712 per metric ton. The primary copper cash price rose 2.0% last Friday on the LME, just off the 30-day low of $5,741 per metric ton it hit on Wednesday, January 21.

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The cash price of primary Japanese copper rose 0.8% to JPY 713,000 ($6,004) per metric ton. The price of US copper producer grade 122 weakened by 0.3%, settling at $3.31 per pound. The price of US copper producer grade 110 fell 0.3% to $3.31 per pound. The price of US copper producer grade 102 declined 0.3% to $3.50 per pound.

Chinese copper closed mixed last Friday. Chinese copper wire closed 1.2% lower at CNY 41,480 ($6,683) per metric ton. Chinese copper bar finished the day down 1.0% to CNY 42,430 ($6,836) per metric ton. The Chinese copper cash price saw a 1.0% decline to CNY 42,630 ($6,868) per metric ton. Just off of a 30-day low of CNY 37,000 ($5,961) per metric ton, the price of Chinese bright copper scrap rose 0.5% last Friday.

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