Copper Still Down on China’s PMI, Federal Reserve Data

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Copper prices fell to a two-week low on Thursday, following the release of disappointing data on China’s manufacturing sector, China’s Purchasing Manufacturers’ Index, and after the Federal Reserve decided to taper its monthly bond-buying program by $10 billion for the fourth consecutive meeting.

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The day’s biggest mover was US copper producer grade 110 price which dropped by 1.3 percent on Thursday, May 1 to close at $3.72 per pound. The price of US copper producer grade 122 declined 1.3 percent to $3.72 per pound. The price of US copper producer grade 102 weakened by 1.3 percent, settling at $3.91 per pound. The Japanese copper cash price fell 0.3 percent to JPY 718,000 ($7,024) per metric ton.

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Chinese copper prices closed flat for the day. The price of Chinese copper bar showed little movement on Thursday at CNY 50,680 ($8,097) per metric ton. The cash price of Chinese copper saw little price change yesterday at CNY 50,880 ($8,129) per metric ton. Chinese copper wire saw little change in its price yesterday at CNY 49,780 ($7,953) per metric ton. The price of Chinese bright copper scrap was unchanged at CNY 44,300 ($7,078) per metric ton.

The cash price of primary copper saw a 0.7 percent decline on the LME to $6,723 per metric ton. Also on the LME, the 3-month price of copper fell 0.6 percent to $6,710 per metric ton.

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