Copper Still Near 6-Year Lows

There have been rough times in the commodity markets, but copper has been hit especially hard. From an early-2011 peak that approached $10,000 per metric ton, copper lost nearly 30% of its value in mid-2011, and after a brief recovery, has slowly dropped to its current price. Yesterday that was the lowest since the massive 2008 slump that saw prices rapidly drop below $1.50 per pound.

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On Monday, February 9, the cash price of primary copper experienced the biggest change, rising 1.7% on the LME to $5,691 per metric ton. Also on the LME, the copper 3-month price increased 1.4% to $5,665 per metric ton.

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The price of US copper producer grade 122 saw a 0.3% decline to $3.32 per pound. The price of US copper producer grade 110 fell 0.3% to $3.32 per pound. At JPY 702,000 ($5,900), the Japanese copper cash price finished the market day up 0.3% per metric ton. The price of US copper producer grade 102 saw a 0.3% decline to $3.51 per pound.

Chinese copper closed mixed yesterday. Chinese copper bar ended the day at CNY 42,140 ($6,752) per metric ton, after the 1.1% drop yesterday. The Chinese copper cash price weakened by 1.1%, settling at CNY 42,340 ($6,784) per metric ton. At CNY 41,310 ($6,619) per metric ton, Chinese copper wire fell 1.0% on Monday. The price of Chinese bright copper scrap held steady at CNY 33,400 ($5,352) per metric ton.

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