Signs pointing to higher demand for copper?
For the first time in four sessions, copper futures rose in New York, reports Bloomberg. Sales of new U.S. homes also rebounded last month, adding to the other positive signs of increasing demand.
“We’re seeing copper getting a bit of a bounce off of the new-home sales numbers,” Matt Zeman, a strategist at Kingsview Financial in Chicago, said in a telephone interview to Bloomberg. “People have been worried whether housing sales would go down with rising interest rates, and any sign that demand is holding up is a positive for copper.”
With a 2.1 percent increase over the past day, the Japanese copper cash price was the biggest mover on Tuesday, September 24. The price of US copper producer grade 110 declined 0.5 percent. The price of US copper producer grade 122 fell 0.5 percent. The price of US copper producer grade 102 saw a 0.5 percent decline.
Chinese copper prices were mixed for the day. Chinese copper bar prices inched up 0.2 percent. The Chinese copper cash price rose 0.2 percent. The price of Chinese copper wire held steady. The price of Chinese bright copper scrap showed little movement on Tuesday.
The cash price of primary copper weakened by 1.6 percent on the LME, settling at $7,181 per metric ton. Also on the LME, the 3-month price of copper declined 1.6 percent to $7,215 per metric ton.