Canada’s main stock index fell sharply on Tuesday, with the market continuing to feel uncertainty fueled by the victory of a left-wing party in Sunday’s Greek election and with weaker copper prices pulling mining shares lower.
Copper prices neared their lowest levels in 5-1/2 years on concerns about China’s economic growth. That sent shares of miner First Quantum Minerals Ltd tumbling 7.5% to C$11.31. Teck Resources Ltd dropped 3.3% to C$15.34.
Chinese copper bar had the largest decline on Monday, January 26, dropping 2.9% and landing at CNY 41,180 ($6,563) per metric ton. The cash price of Chinese copper reached a 30-day low after decreasing 2.9% to CNY 41,380 ($6,595) per metric ton. After falling 2.7% to CNY 40,370 ($6,434) per metric ton, the price of Chinese copper wire reached a 30-day low. The price of Chinese bright copper scrap fell to a 30-day low at CNY 36,500 ($5,817) per metric ton after shifting 1.4%.
The price of US copper producer grade 122 fell 2.1% to a 30-day low of $3.24 per pound yesterday. US copper producer grade 110 saw its price drop 2.1% to a 30-day low of $3.24 per pound on Monday. The price of US copper producer grade 102 reached a 30-day low after decreasing 2.0% to $3.43 per pound. After a couple of days of improving prices, the cash price of primary Japanese copper held steady at JPY 713,000 ($6,075).
After falling 2.8% to $5,551 per metric ton, the 3-month price of copper reached a 30-day low on the LME. The cash price of primary copper fell 2.8% to a 30-day low on the LME of $5,581 per metric ton yesterday.