Copper Reaches Two-Month COMEX High After Chinese Reforms Announced

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China’s State Council on Friday released a series of guiding principles for reforming the country’s financial markets, pledging to reduce regulation, ease the way for local companies to access foreign capital and overhaul the system for initial public offerings.

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Copper for May delivery rose 2.1 percent to $3.1665 a pound, the highest closing price since March 7 on the Comex division of the New York Mercantile Exchange. It was the biggest percentage gain for the contract since December 4. The more actively traded July contract rose 2.2 percent to $3.1495 a pound, according to Dow Jones Newswires.

The copper cash price also saw the biggest increase at 3.5 percent on the LME, finishing at $6,926 per metric ton for Tuesday, May 13. The 3-month price of copper climbed 3.3 percent on the LME to $6,877 per metric ton.

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The price of US copper producer grade 122 gained 1.6 percent to finish at $3.86 per pound. At $3.86, the price of US copper producer grade 110 finished the market day up 1.6 percent per pound. After a 1.5 percent increase, the price of US copper producer grade 102 finished the day at $4.05 per pound. The cash price of primary Japanese copper rose 0.7 percent to JPY 721,000 ($7,056) per metric ton.

Chinese copper prices were mixed for the day. Chinese copper wire gained 0.6 percent to finish at CNY 50,515 ($8,098) per metric ton. Chinese copper bar finished the day up 0.3 percent to CNY 51,380 ($8,237) per metric ton. The Chinese copper cash price rose 0.3 percent to CNY 51,580 ($8,269) per metric ton. The price of Chinese bright copper scrap held steady at CNY 44,300 ($7,102) per metric ton.

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