Copper dropped to a one-month low on Tuesday as an investigation into metal financing in China prompted concern that a crackdown could hit trade in the metal. It continues to fall in morning trading today on the London Metal Exchange.
On Monday, June 9, the copper cash price fell by 2.1 percent on the LME, landing at $6,660 per metric ton and making it the day’s biggest mover. The 3-month price of copper weakened by 1.7 percent on the LME, settling at $6,655 per metric ton.
The price of US copper producer grade 122 fell 1.1 percent to $3.75 per pound. The price of US copper producer grade 110 declined 1.1 percent to $3.75 per pound. The price of US copper producer grade 102 saw a 1.0 percent decline to $3.94 per pound. The cash price of primary Japanese copper declined 0.8 percent to JPY 725,000 ($7,064) per metric ton.
Chinese copper closed mixed on Monday. The price of Chinese copper bar closed Monday at CNY 50,050 ($8,016) per metric ton, halting its two-day flat run with a 1.7 percent decline. The Chinese copper cash price dropped by 1.7 percent to CNY 50,250 ($8,048) per metric ton after holding steady. Chinese copper wire closed 1.5 percent lower at CNY 49,250 ($7,888) per metric ton. The price of Chinese bright copper scrap was unchanged at CNY 44,300 ($7,095) per metric ton.