Chinese, Greek Economic Concerns Drag Down Copper

Copper fell on disappointing China trade data early Monday as a key report showed that stimulus measures are not jump-starting China’s economy. The political situation in Greece also hurt copper’s prospects.

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The European Central Bank said Wednesday it would no longer accept Greek bonds as collateral for lending, shifting the burden on to Greece’s central bank provide additional liquidity for its lenders and increasing pressure on Athens.

Following two days of increases on the LME, the copper cash price dropped by 2% to end at $5,595 per metric ton on Friday, February 6. The 3-month price of copper closed at $5,585 per metric ton. Following a couple days of improvement, prices fell by 1.8% on the LME.

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The Japanese copper cash price declined 0.1% to JPY 700,000 ($5,955) per metric ton. The price of US copper producer grade 122 ended a two-day climb, settling at $3.33 per pound. The price of US copper producer grade 102 steadied at $3.52 per pound following two-days of increases. Following a two-day rise, the price of US copper producer grade 110 flattened at $3.33.

Chinese copper prices were mixed for the day. The price of Chinese copper bar increased 1.0% to CNY 42,600 ($6,813) per metric ton. The Chinese copper cash price rose 1.0% to CNY 42,800 ($6,845) per metric ton. Chinese copper wire saw its price rise 1.0% to CNY 41,710 ($6,670) per metric ton. The price of Chinese bright copper scrap showed little movement last Friday at CNY 33,400 ($5,341) per metric ton.

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