Copper Up On Signs of Supply Tightness

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Copper rose today on the London Metal Exchange to near two-month peaks on growing supply tightness. Surveys out on Thursday showed China’s factory sector had its best performance in five months in May and US factory output growth hit its fastest pace since February 2011.

Copper is still an underperformer for the year and was down yesterday. The copper 3-month price experienced the biggest price decline of the day, dropping 1.2 percent on the LME to close at $6,802 per metric ton on Thursday, May 22. Also on the LME, the primary copper cash price declined 1.2 percent to $6,841 per metric ton.

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The Japanese copper cash price weakened by 0.9 percent, settling at JPY 731,000 ($7,206) per metric ton. The price of US copper producer grade 122 saw a 0.5 percent decline to $3.83 per pound. The price of US copper producer grade 110 declined 0.5 percent to $3.83 per pound. The price of US copper producer grade 102 fell 0.5 percent to $4.02 per pound.

Chinese copper prices were flat for the day. The price of Chinese copper bar steadied at CNY 50,800 ($8,147) per metric ton following two-days of dropping prices. After a couple of days of decreasing prices, the cash price of Chinese copper held steady at CNY 51,000 ($8,179). The price of Chinese copper wire held steady at CNY 49,920 ($8,006) per metric ton. The price of Chinese bright copper scrap saw essentially no change for the fifth day in a row, remaining around CNY 44,300 ($7,105) per metric ton.

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