Copper Lifted by Strong Chinese Factory Data

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Copper rose on Monday, after its biggest monthly gain this year in May, helped by dwindling stocks, seasonal buying interest in top consumer China and positive Chinese factory data. China’s PMI jumped to 50.8 from 50.4 in April, Reuters reported.

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China’s manufacturing activity expanded at the fastest pace in five months in May, reinforcing views that the world’s second-largest economy is regaining momentum after a wobble at the start of the year.

The price of US copper producer grade 110 saw a 0.8 percent drop on Friday, May 30, landing at $3.85 per pound and making it the biggest mover of the day. The price of US copper producer grade 122 fell 0.8 percent to $3.85 per pound. The price of US copper producer grade 102 saw a 0.7 percent decline to $4.04 per pound. The cash price of primary Japanese copper saw little movement last Friday at JPY 745,000 ($7,323) per metric ton.

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Chinese copper closed mixed last Friday. At CNY 50,570 ($8,107) per metric ton, Chinese copper bar fell 0.6 percent last Friday. The cash price of Chinese copper weakened by 0.6 percent, settling at CNY 50,770 ($8,139) per metric ton. The price of Chinese copper wire fell 0.6 percent to CNY 49,745 ($7,975) per metric ton. The price of Chinese bright copper scrap continues hovering around CNY 44,300 ($7,102) per metric ton for the fifth day in a row.

On the LME, the 3-month price of copper saw little change in its price last Friday at $6,940 per metric ton. After a couple of days of improving prices on the LME, the primary copper cash price held steady at $7,030.

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