Copper Up as Beijing Vows to Support Chinese Economy

by MetalMiner IndX Reports on

Copper steadied on Tuesday as investors weighed China’s affirmation of economic growth targets and expectations of further stimulus measures against weak data from the US, Reuters reported.

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China is confident it will hit its growth target of 7.5 percent this year, Chinese Premier Li Keqiang said, adding the government was ready to adjust policy to ensure it does. Beijing also said a cut in the reserve requirement ratio that banks must hold could also apply to big state banks.

Following a two-day decline, US copper producer grade 110 price climbed up 0.5 percent to end at $3.73 per pound on Monday, June 16. After a 0.5 percent increase, the price of US copper producer grade 122 finished the day at $3.73 per pound. After falling for two days, the price of US copper producer grade 102 rose 0.5 percent to $3.92 per pound. The Japanese copper cash price ended a two-day climb, settling at JPY 718,000 ($7,041) per metric ton.

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Chinese copper prices closed flat for the day. Following a two-day rise, the price of Chinese copper bar flattened at CNY 50,000 ($8,049). The cash price of Chinese copper steadied at CNY 50,200 ($8,081) per metric ton following two-days of increases. The price of Chinese copper wire held steady at CNY 48,650 ($7,832) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,132) per metric ton.

On the LME, the 3-month price of copper remained essentially flat at $6,669 per metric ton. The cash price of primary copper held steady on Monday on the LME, remaining around $6,725 per metric ton.

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