Copper prices dropped 5.3% on Wednesday January 14, 2015 to settle at $2.52 a pound on the London Metal Exchange (LME), after dropping as much as 8.6 percent.
This is the biggest intraday loss since October 2008.
It then rebounded on Thursday by rising as much as 2.5 percent to $5,685.50 a metric ton on the LME and was at $5,631 in HK.
Medium term Copper prices are still in a downtrend and lower prices head can be expected.
Scrap metal prices are under pressure as well.
Below are average US copper scrap metal prices per pound updated early January 2015.
|TYPE||WEST COAST||MID WEST||EAST COAST||SOUTH WEST|
|#1 Ins Wire||2.39||2.35||2.37||2.38|
|#2 Ins Wire||1.46||1.44||1.45||1.45|
|Al/Cu Radiator Ends||0.81||0.80||0.80||0.80|
|Cu Transformer Large||0.60||0.60||0.60||0.59|
|Cu Transformer Small||0.48||0.48||0.48||0.47|
|Enameled Copper Wire||2.36||2.32||2.34||2.35|
|No. 1 Copper||2.72||2.68||2.71||2.71|
|No. 2 Copper||2.60||2.56||2.59||2.59|
|No. 3 Copper||2.49||2.45||2.48||2.48|