Copper Up on LME Again, Chinese Economic Recovery Helping

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Copper climbed for a fifth straight session on the London Metal Exchange amid speculation that demand will stabilize in China as policy makers try to support growth in the world’s largest consumer of industrial metals.

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On the LME, the copper 3-month price gained 0.5 percent to finish at $6,735 per metric ton. After a 0.4 percent increase, the cash price of primary copper finished the day on the LME at $6,739 per metric ton.

On Thursday, June 19, the day’s biggest mover was Chinese copper wire, which saw a 0.5 percent decline to CNY 49,020 ($7,868) per metric ton. Chinese copper bar prices saw a 0.3 percent decline to CNY 50,100 ($8,042) per metric ton. The cash price of Chinese copper declined 0.3 percent to CNY 50,300 ($8,074) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,111) per metric ton.

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The Japanese copper cash price inched up 0.3 percent to JPY 717,000 ($7,035) per metric ton. The price of US copper producer grade 122 flattened at $3.75 after two days of improvement. The price of US copper producer grade 102 steadied at $3.94 per pound following two-days of increases. After a couple of days of improving prices, the price of US copper producer grade 110 held steady at $3.75.

On the LME, the copper 3-month price gained 0.5 percent to finish at $6,735 per metric ton. After a 0.4 percent increase, the cash price of primary copper finished the day on the LME at $6,739 per metric ton.

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