Copper hit an 11-week high on Monday as dwindling global stocks and as investors bought to cover their bets that the price would fall, though gains were still limited by concerns about slower growth in top consumer China.
On the Comex division of the New York Mercantile Exchange, copper for July delivery advanced 0.79%, or 2.5 cents, to trade at $3.172 a pound during European morning hours.
Data released over the weekend showed that home prices in China rose 6.7% in April from a year earlier, slowing from a 7.7% increase in the previous month. The disappointing data added to hopes that China’s government will introduce fresh stimulus to combat recent signs of a slowdown in the nation’s economy.
The cash price of primary copper saw the biggest increase at 0.9 percent on the LME, finishing at $6,949 per metric ton on Friday, May 16. Also on the LME, the 3-month price of copper increased 0.6 percent to $6,886 per metric ton.
After a 0.8 percent increase, the Japanese copper cash price finished the day at JPY 738,000 ($7,271) per metric ton. The price of US copper producer grade 122 fell 0.3 percent to $3.86 per pound. The price of US copper producer grade 110 declined 0.3 percent to $3.86 per pound. The price of US copper producer grade 102 weakened by 0.2 percent, settling at $4.05 per pound.
Chinese copper closed mixed last Friday. Chinese copper wire prices inched up 0.9 percent to CNY 50,580 ($8,118) per metric ton. The price of Chinese copper bar showed little movement last Friday at CNY 51,400 ($8,250) per metric ton. The Chinese copper cash price showed little movement last Friday, hovering around CNY 51,600 ($8,282) per metric ton. The price of Chinese bright copper scrap held steady at CNY 44,300 ($7,110) per metric ton.