Dovish Fed Helps Copper Prices Stop the Bleeding

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Copper futures closed down, but with lower than recent losses Thursday on the London Metal Exchange. Traders were focused on the dovish sentiment from the Federal Reserve and mixed economic data from China, according to the Wall Street Journal.

Dropping 1 percent, the Japanese copper cash price was the biggest mover on Thursday, April 10. Weakening prices followed two days of improvement as the price of US copper producer grade 110 dropped 0.3 percent. Following a couple days of improvement, the price of US copper producer grade 122 weakened by 0.3 percent. The price of US copper producer grade 102 closed weakening by 0.3 percent.

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Dropping 1.0 percent, the Japanese copper cash price was the biggest mover on Thursday, April 10, closing at JPY 708,000 ($6,934) per metric ton. Weakening prices followed two days of improvement as the price of US copper producer grade 110 dropped 0.3 percent to $3.76 per pound. Following a couple days of improvement, the price of US copper producer grade 122 weakened by 0.3 percent. Prices closed at $3.76 per pound. The price of US copper producer grade 102 closed at $3.95 per pound. Following a couple days of improvement, the metal’s price weakened by 0.3 percent.

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Chinese copper closed mixed yesterday. The price of Chinese copper wire changed direction with a 0.1 percent drop. After two days of improving prices, the metal finished at CNY 47,520 ($7,664) per metric ton. The price of Chinese copper bar held steady at CNY 48,420 ($7,809) per metric ton. The Chinese copper cash price saw little movement yesterday, closing out around CNY 48,620 ($7,841) per metric ton. For the fifth consecutive day, the price of Chinese bright copper scrap held flat at CNY 44,300 ($7,144) per metric ton.

After two changeless days, the copper 3-month price fell 0.8 percent on the LME to $6,626 per metric ton. The primary copper cash price closed Thursday at $6,630 per metric ton, halting its two-day flat run on the LME with a 0.7 percent decline.

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