Finally Some Good Copper News, US, Chinese Data Helps Demand

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China’s central bank extended a cut in reserve requirements to some national lenders as officials try to support the economy without broader stimulus. In the US, industrial output increased more than forecast in May, while the Federal Reserve of New York’s Empire manufacturing report unexpectedly climbed this month as orders jumped, Bloomberg Businessweek reported.

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“Worries about China’s slowing growth are starting to go away,” Mike Dragosits, a senior commodity strategist at TD Securities in Toronto, told Bloomberg. “That should increase investment spending. The numbers out of the U.S. are also adding to the demand-side story for base metals.”

The day’s biggest mover was US copper producer grade 110 price which dropped by 0.8 percent on Friday, June 13 to close at $3.71 per pound. The price of US copper producer grade 122 saw a 0.8 percent decline to $3.71 per pound. The price of US copper producer grade 102 weakened by 0.8 percent, settling at $3.90 per pound. The cash price of primary Japanese copper inched up 0.3 percent to JPY 718,000 ($7,059) per metric ton.

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Chinese copper closed mixed last Friday. At CNY 50,000 ($8,040), the price of Chinese copper bar finished the market day up 0.7 percent per metric ton. After a 0.7 percent increase, the Chinese copper cash price finished the day at CNY 50,200 ($8,073) per metric ton. At CNY 48,650 ($7,823) per metric ton, the price of Chinese copper wire was essentially unchanged. The price of Chinese bright copper scrap held steady at CNY 44,300 ($7,124) per metric ton.

On the LME, the cash price of primary copper rose 0.5 percent to $6,725 per metric ton. Also on the LME, the 3-month price of copper gained 0.2 percent to finish at $6,669 per metric ton.

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