Copper Up Slightly Ahead of Federal Reserve Comments

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Copper futures were flat-to-higher on Wednesday morning as traders refrained from making major moves ahead of today’s policy statement from the US Federal Reserve.

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On the LME, the 3-month price of copper gained 0.4 percent to finish at $6,699 per metric ton. Also on the LME, the primary copper cash price inched up 0.1 percent to $6,735 per metric ton.

Following a three-day flat streak, the price of Chinese copper wire climbed by 1.3 percent to end at CNY 49,300 ($7,916) per metric ton on Tuesday, June 17. At CNY 50,200 ($8,061), the price of Chinese copper bar finished the market day up 0.4 percent per metric ton. The cash price of Chinese copper inched up 0.4 percent to CNY 50,400 ($8,093) per metric ton. For the fifth consecutive day, the price of Chinese bright copper scrap held flat at CNY 44,300 ($7,113) per metric ton.

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The Japanese copper cash price weakened by 1.0 percent, settling at JPY 711,000 ($6,979) per metric ton. After a 0.3 percent increase, the price of US copper producer grade 122 finished the day at $3.74 per pound. The price of US copper producer grade 110 rose 0.3 percent to $3.74 per pound. At $3.93, the price of US copper producer grade 102 finished the market day up 0.3 percent per pound.

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