Greece will seek an extension to its rescue deal from the rest of the eurozone, officials said, signaling a shift in the standoff between Athens and its creditors. The possibility of an agreement that would keep the EU whole sparked optimism in copper markets.
The day’s biggest mover was the copper cash price which dropped by 0.8% on Wednesday, February 18 to close at $5,665 per metric ton on the London Metal Exchange. Today marks the fifth day in a row of declining prices for the 3-month price of copper. After falling 0.7% on the LME, prices settled at $5,665 per metric ton, driving an accelerated drop-off since Thursday, February 12.
Following a quiet couple of days, the price of US copper producer grade 122 fell 0.6% on Wednesday to $3.31 per pound. After two changeless days, the price of US copper producer grade 110 fell 0.6% to $3.31 per pound. The price of US copper producer grade 102 dropped by 0.6% to $3.50 per pound after holding steady. The Japanese copper cash price remained essentially flat at JPY 709,000 ($5,947) per metric ton.
Chinese copper prices were flat for the day. At CNY 42,800 ($6,841) per metric ton, the price of Chinese copper bar was essentially unchanged. The cash price of Chinese copper held steady yesterday, remaining around CNY 43,000 ($6,873) per metric ton. Chinese copper wire held its value on Wednesday at CNY 41,880 ($6,694) per metric ton. The price of Chinese bright copper scrap continues hovering around CNY 33,400 ($5,339) per metric ton for the fifth day in a row.