Summers Out of Fed Chairman Running; US, China Copper Prices Drop

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The US Federal Reserve bank has its hands full with high interest rates, Syrian conflict, and a budget war – but Lawrence Summers won’t be anywhere near it.

Turns out the former Clinton-era Treasury secretary told Obama that he doesn’t want to be in the pool for Fed Chairman, since he doesn’t think that Senate approval would be within reach.

Although stocks seemed to rise on the news, copper prices did not.

On MetalMiner’s daily copper price index, the primary copper cash price weakened by 1.7 percent on the LME, settling at $7,043 per metric ton. Also on the LME, the 3-month price of copper fell 1.6 percent to $7,076 per metric ton.

The price of US copper producer grade 110 saw a 1.0 percent decline. The price of US copper producer grade 122 fell 1.0 percent. Weakening prices followed two days of improvement as the Japanese copper cash price dropped 0.7 percent.

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Chinese copper closed mixed last Friday. Chinese copper wire closed 0.8 percent lower. Chinese copper bar finished the day down 0.8 percent. The Chinese copper cash price declined 0.8 percent. The price of Chinese bright copper scrap was essentially unchanged.

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