Copper Flat As Chinese Inventory Picture Clears Up

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Chinese copper imports fall 7.9 percent on month in June.

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That’s the lowest level since April 2013 as banks reduced lending for metals imports following an investigation into alleged fraudulent metals financing at Qingdao port.

The cash price of Japanese copper saw a 0.8 percent drop on Wednesday, July 9, landing at JPY 755,000 ($7,441) per metric ton and making it the biggest mover of the day. The price of US copper producer grade 110 showed little movement yesterday at $3.94 per pound. The price of US copper producer grade 102 saw little change in its price yesterday at $4.13 per pound. The price of US copper producer grade 122 held steady around $3.94 per pound.

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Chinese copper prices closed flat for the day. After dropping for two days, the price of Chinese copper bar flattened at CNY 52,540 ($8,473). Following two days of downward movement, the cash price of Chinese copper held steady at CNY 52,740 ($8,505) per metric ton. The price of Chinese copper wire showed little movement yesterday at CNY 51,795 ($8,352) per metric ton. The price of Chinese bright copper scrap saw essentially no change for the fifth day in a row, remaining around CNY 44,300 ($7,144) per metric ton.

On the LME, the copper 3-month price increased 0.5 percent to $7,152 per metric ton. Also on the LME, the cash price of primary copper inched up 0.5 percent to $7,155 per metric ton.

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