Has Copper Finally Stabilized?
Copper steadied on Wednesday as some investors bet that a floor had been reached after heavy losses, while tin touched a fresh 2-1/2 year low on worries about weak demand.
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While they still fell, prices have stabilized in a range after last month’s five-and-a-half-year low of $5,339.50 a ton.
On Wednesday, February 11, the day’s biggest mover was the copper 3-month price, which saw a 1.4% decline on the LME to $5,580 per metric ton. Also on the LME, the cash price of primary copper declined 1.3% to $5,590 per metric ton.
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Metals’ downward trend picked up speed for Thursday, February 5, as the price of US copper producer grade 122 dropped to $3.28 per pound after a 0.9% decrease. Declining prices continue for the price of US copper producer grade 110. It closed at $3.28 per pound only after falling further, this time by. The price of US copper producer grade 102 continues its trend downwards. Finishing the day at $3.47 per pound, it dropped 0.9%. The cash price of primary Japanese copper held steady yesterday, remaining around JPY 702,000 ($5,881) per metric ton.
Chinese copper prices were mixed for the day. Chinese copper wire finished the day down 0.9% to CNY 41,040 ($6,579) per metric ton. Chinese copper bar closed 0.8% lower at CNY 41,900 ($6,717) per metric ton. The Chinese copper cash price weakened by 0.8%, settling at CNY 42,100 ($6,749) per metric ton. The price of Chinese bright copper scrap remained steady at CNY 33,400 ($5,354) per metric ton.
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