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.
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.
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.