Late last week, China’s government outlined plans to loosen regulations on its financial markets. The reforms reportedly include steps to ease limits on foreign investment and make it easier for companies to raise money. China’s stock markets surged Monday.
Copper hit its highest price in more than two months Monday following news that China pledged to free up its financial markets, the AP reported.
On Monday, May 12, Chinese copper wire jumped up 2.6 percent, landing at CNY 50,200 ($8,060) per metric ton and making it the day’s biggest increase. Chinese copper bar saw its price rise 2.0 percent to CNY 51,250 ($8,229) per metric ton. The cash price of Chinese copper increased 2.0 percent to CNY 51,450 ($8,261) per metric ton. The price of Chinese bright copper scrap was unchanged at CNY 44,300 ($7,113) per metric ton.
After a 1.0 percent increase, the cash price of primary Japanese copper finished the day at JPY 716,000 ($7,027) per metric ton. The price of US copper producer grade 122 inched up 0.5 percent to $3.80 per pound. The price of US copper producer grade 110 rose 0.5 percent to $3.80 per pound. The price of US copper producer grade 102 gained 0.5 percent to finish at $3.99 per pound.
The copper 3-month price saw little price change yesterday on the LME at $6,657 per metric ton. The primary copper cash price saw little movement on Monday on the LME, closing out around $6,690 per metric ton.