Copper closed at its highest price in nearly four months overnight as stronger US economic data and hopes that China’s manufacturing sector continued to expand this month buoyed investor interest in the industrial metal.
The most actively traded contract, for September delivery, rose 3.55 cents, or 1.1 percent, to settle at $3.2035 a pound on the Comex division of the New York Mercantile Exchange. This was the highest settlement since March 6.
Chinese copper bar saw a 1.8 percent increase on Tuesday, July 1, reaching CNY 52,550 ($8,470) per metric ton and making it the biggest upwards shift of the day. After a 1.8 percent increase, the cash price of Chinese copper finished the day at CNY 52,750 ($8,502) per metric ton. The price of Chinese copper wire ended a two-day climb, settling at CNY 50,770 ($8,183) per metric ton. The price of Chinese bright copper scrap was unchanged at CNY 44,300 ($7,140) per metric ton.
The price of US copper producer grade 122 inched up 1.0 percent to $3.88 per pound. The price of US copper producer grade 110 increased 1.0 percent to $3.88 per pound. After a 1.0 percent increase, the price of US copper producer grade 102 finished the day at $4.07 per pound. The Japanese copper cash price fell 0.3 percent to JPY 736,000 ($7,265) per metric ton.
The primary copper cash price declined 0.3 percent on the LME to $6,954 per metric ton, after two days of improvement. The copper 3-month price steadied at $6,932 per metric ton following two-days of increases on the LME.