Copper Falls 2.09% Friday

On the early morning of April 27, Beijing time, on Friday, China, the largest copper consumer country, is about to enter the Labor Day holiday. It is expected that the purchase demand from the world’s second largest economy will be greatly reduced. Some investors have settled their positions before then. In order to avoid possible risks, the positive trend of the end of the two consecutive trading days of copper prices turned to the downside; on the other hand, the US Department of Commerce data showed that the GDP growth in the first quarter of 2013 was 2.5%, less than 3.2%. The market expectation also has a certain degree of repression on the demand outlook for copper. The price of inner-ring copper contracts in London finally closed at $7030 per ton.

The three-month benchmark copper contract on the London Metal Exchange settled at $7030 per ton on Friday, a decrease of 2.09% from the closing price of $7,180 per ton on Thursday. Earlier this contract had the highest offer since April 17th, at $7,528 per ton.

Copper prices also had the lowest price of 1862.25 US dollars per ton for 18 months on Tuesday, but closed higher on Wednesday and Thursday. In the past week, the cumulative increase in copper prices was about 0.5%, but due to abundant supply, local stocks continued to be at high levels for many years and global economic performance was weak. Since 2013, copper prices have still fallen by about 10%.

In terms of other metal contract prices, nickel closed at $15,200/ton on Friday, closing at $15,440/ton on Thursday; $1,897/ton on metal zinc, $1,936/ton on Thursday; and $20,037/ton on Thursday. At the close, it was US$20,76.50 per tonne; for three months, aluminum was US$1,878 per tonne, and Thursday’s US$1,942 per tonne; tin was received at US$20,775 per tonne and closed at US$21,110 per tonne on Thursday.