Copper Rises to 11-Week High on LME as Equity Markets Give it Push

by on

Copper climbed to 11-week high in London amid speculation that rising global equity markets indicate a favorable outlook for economic growth, Reuters reported. US orders for durable goods in April unexpectedly gained for a third straight month, while Chinese industrial profits rose. The nations are the world’s top copper consumers.

FREE Download: The Monthly MMI® Report – covering the Copper market.

On Wednesday, May 28, the day’s biggest mover was US copper producer grade 110 price, which saw a 0.5 percent increase to $3.89 per pound. The price of US copper producer grade 122 inched up 0.5 percent to $3.89 per pound. The price of US copper producer grade 102 increased 0.5 percent to $4.08 per pound. The cash price of primary Japanese copper flattened at JPY 744,000 ($7,296) after two days of improvement.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese copper prices were mixed for the day. At CNY 51,120 ($8,179) per metric ton, Chinese copper bar fell 0.5 percent yesterday. The cash price of Chinese copper declined 0.5 percent to CNY 51,320 ($8,211) per metric ton. The price of Chinese copper wire held steady at CNY 50,600 ($8,096) per metric ton. The price of Chinese bright copper scrap continues hovering around CNY 44,300 ($7,088) per metric ton for the fifth day in a row.

After a 0.4 percent increase, the primary copper cash price finished the day on the LME at $7,015 per metric ton. Also on the LME, the copper 3-month price saw little movement on Wednesday at $6,920 per metric ton.

{Comments Off on Copper Rises to 11-Week High on LME as Equity Markets Give it Push Comments Off on Copper Rises to 11-Week High on LME as Equity Markets Give it Push}