Copper Steadies on the LME, Weak Dollar Helps Price

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Copper steadied on the London Metal Exchange today amid doubts over the momentum of global economic growth and its impact on metals demand.

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Base metals were mostly upbeat during the Thursday LME premarket session amid a softer dollar following the expected outcome of the Federal Reserve monetary policy meeting late on Wednesday, which underpinned most markets.

Copper was showing signs of developing more of an upside bias, zinc nudged above its range ceiling.

Rising 0.6 percent to close at JPY 715,000 ($6,997) per metric ton, the cash price of Japanese copper experienced the biggest change for Wednesday, June 18. The price of US copper producer grade 110 inched up 0.3 percent to $3.75 per pound. After a 0.3 percent increase, the price of US copper producer grade 122 finished the day at $3.75 per pound. The price of US copper producer grade 102 rose 0.3 percent to $3.94 per pound.

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Chinese copper prices were flat for the day. The price of Chinese copper bar showed little movement on Wednesday at CNY 50,250 ($8,070) per metric ton. The cash price of Chinese copper saw little movement yesterday, closing out around CNY 50,450 ($8,102) per metric ton. The price of Chinese copper wire held steady at CNY 49,275 ($7,913) per metric ton. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat at CNY 44,300 ($7,114) per metric ton.

On the LME, the primary copper cash price fell 0.4 percent to $6,711 per metric ton. Also on the LME, the 3-month price of copper saw little movement on Wednesday at $6,702 per metric ton.

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