Copper closed at its highest price in more than four months on Wednesday as more signs of economic growth pushed prices for the industrial metal up.
News that the US added 288,000 jobs in June, beating expectations, buoyed the industrial metal as well as a report on hiring from ADP, a payroll processor, that said private employers added 281,000 workers last month.
The Japanese copper cash price saw the biggest increase at 1.0 percent, finishing at JPY 743,000 ($7,316) per metric ton for Wednesday, July 2. At $3.89, the price of US copper producer grade 110 finished the market day up 0.3 percent per pound. The price of US copper producer grade 122 increased 0.3 percent to $3.89 per pound. After a 0.2 percent increase, the price of US copper producer grade 102 finished the day at $4.08 per pound.
Chinese copper prices were flat for the day. The price of Chinese copper bar flattened at CNY 52,500 ($8,468) after two days of improvement. The cash price of Chinese copper ended a two-day climb, settling at CNY 52,700 ($8,500) per metric ton. Chinese copper wire held its value on Wednesday at CNY 50,770 ($8,189) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,145) per metric ton.
At $6,995, the copper 3-month price finished the market day on the LME up 0.9 percent per metric ton. After a 0.9 percent increase, the primary copper cash price finished the day on the LME at $7,015 per metric ton.