Copper Now at a One-Month Low

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Copper dropped to a one-month low on Tuesday as an investigation into metal financing in China prompted concern that a crackdown could hit trade in the metal. It continues to fall in morning trading today on the London Metal Exchange.

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On Monday, June 9, the copper cash price fell by 2.1 percent on the LME, landing at $6,660 per metric ton and making it the day’s biggest mover. The 3-month price of copper weakened by 1.7 percent on the LME, settling at $6,655 per metric ton.

The price of US copper producer grade 122 fell 1.1 percent to $3.75 per pound. The price of US copper producer grade 110 declined 1.1 percent to $3.75 per pound. The price of US copper producer grade 102 saw a 1.0 percent decline to $3.94 per pound. The cash price of primary Japanese copper declined 0.8 percent to JPY 725,000 ($7,064) per metric ton.

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Chinese copper closed mixed on Monday. The price of Chinese copper bar closed Monday at CNY 50,050 ($8,016) per metric ton, halting its two-day flat run with a 1.7 percent decline. The Chinese copper cash price dropped by 1.7 percent to CNY 50,250 ($8,048) per metric ton after holding steady. Chinese copper wire closed 1.5 percent lower at CNY 49,250 ($7,888) per metric ton. The price of Chinese bright copper scrap was unchanged at CNY 44,300 ($7,095) per metric ton.

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