The day’s biggest mover was the three-month price of aluminum, which dropped by 6.4 percent on Monday, July 8 to close at $1,786 per metric ton on the LME. On the LME, the cash price of primary aluminum fell 1.4 percent to $1,743 per metric ton.
- The Indian aluminum cash price increased 0.4 percent.
- Chinese aluminum prices were mixed for the day.
- The cash price of Chinese aluminum fell 0.3 percent to a 30-day low yesterday.
- Chinese aluminum scrap stayed flat.
- The price of Chinese aluminum billet remained steady.
- For the fifth day in a row, the price of Chinese aluminum bar remained essentially flat.
The price of US copper producer grade 110 saw a 2.6 percent drop on Monday, July 8, making it the biggest mover of the day. The price of US copper producer grade 122 saw a 2.6 percent decline. The price of US copper producer grade 102 weakened by 2.5 percent. The Japanese copper cash price, following a couple days of improvement, fell by 0.1 percent.
Chinese copper closed mixed on Monday. Chinese copper wire fell 1.0 percent on Monday. Chinese copper bar prices weakened by 1.0 percent as well. This marked the fifth day in a row of declining prices and the drop-off has accelerated since Tuesday, July 2. The cash price of Chinese copper dropped 1.0 percent also, while Chinese bright copper scrap saw little change in its price on Monday.
On the LME, the cash price of primary copper declined 1.5 percent to $6,820 per metric ton. Also on the LME, the copper three-month price fell 1.2 percent to $6,842 per metric ton.