Copper Futures Fall, Government Shutdown Concern

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Will the government shutdown hurt growth? “Copper futures fell the most in almost four weeks in New York on concern that a government shutdown will slow U.S. economic growth and hinder a global recovery in manufacturing,” reports Bloomberg.

“There’s a general selling of industrial commodities with the fear that a shutdown will hurt growth,” Bill O’Neill, a partner at Logic Advisors in Upper Saddle River, New Jersey, said in a telephone interview to Bloomberg. “These markets don’t have the traditional supply-and-demand fundamentals to give a lot of support right now, so people are focusing on the budget issue.”

The copper cash price saw the biggest upwards shift for the day, rising 0.5 percent on the LME to close at $7,290 per metric ton on Tuesday, October 1. After a 0.3 percent increase, the copper 3-month price finished the day on the LME at $7,295 per metric ton.

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The cash price of primary Japanese copper closed. Following a couple days of improvement, the metal’s price weakened by 0.4 percent. The price of US copper producer grade 122 steadied following two-days of increases. The price of US copper producer grade 102 ended a two-day climb. After a couple of days of improving prices, the price of US copper producer grade 110 held steady.

Chinese copper prices closed flat for the day. The price of Chinese copper bar held steady. The cash price of Chinese copper held steady. The price of Chinese copper wire remained steady. The price of Chinese bright copper scrap remained essentially flat.