Copper slipped in thin trade on Monday as oil prices dropped, with the market shrugging off a European debt deal for Greece and attention shifting to upcoming testimony by the Chairwoman of the Federal Reserve, Janet Yellen.
A deal agreed by euro zone finance ministers on Friday to extend debt-laden Greece’s bailout for four months boosted sentiment in some markets, but the accord provided Athens with breathing space rather than a long-term solution to its woes. On Tuesday, markets will focus on testimony by Yellen before the Senate Banking Committee amid keen interest over whether the Fed will hike rates in June.
Rising 1.3% to close at JPY 711,000 ($5,975) per metric ton, the Japanese copper cash price experienced the biggest change for Friday, February 20. The price of US copper producer grade 110 increased 0.3% to $3.36 per pound. The price of US copper producer grade 122 inched up 0.3% to $3.36 per pound. At $3.55, the price of US copper producer grade 102 finished the market day up 0.3% per pound.
Chinese copper prices closed 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 around CNY 43,000 ($6,873) per metric ton. The price of Chinese copper wire showed little movement last Friday at CNY 41,880 ($6,694) per metric ton. The price of Chinese bright copper scrap held steady at CNY 33,400 ($5,339) per metric ton.
On the LME, the primary copper cash price rose 0.5% to $5,720 per metric ton. Also on the LME, the 3-month price of copper rose 0.5% to $5,708 per metric ton.