Is Copper Set Up for More Losses? 3-Month Price is Down nearly 1% on the LME

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On Friday, July 11, the day’s biggest mover was the 3-month price of copper, which saw a 0.9 percent decline on the LME to $7,090 per metric ton. The primary copper cash price closed at $7,109 per metric ton. Following a couple days of improvement, the metal’s price weakened by 0.9 percent on the LME.

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Copper recently reversed sharp price falls seen earlier this year, but fresh headwinds could push the metal lower in the second half, Capital Economics said in a note reported by CNBC.

“We expect renewed weakness in the copper price later this year as mine supply picks up and Chinese copper imports continue to fall due to waning demand from financing deals,” said Caroline Bain, senior commodities economist at Capital Economics.

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The price of US copper producer grade 122 rose 0.5 percent to $3.95 per pound. The price of US copper producer grade 110 inched up 0.5 percent to $3.95 per pound. The price of US copper producer grade 102 gained 0.5 percent to finish at $4.14 per pound. The cash price of primary Japanese copper is back up, rising by 0.1 percent last Friday to close at JPY 755,000 ($7,453) per metric ton.

Chinese copper closed mixed last Friday. Chinese copper bar finished the day up 0.5 percent to CNY 52,450 ($8,456) per metric ton. The Chinese copper cash price rose 0.5 percent to CNY 52,650 ($8,488) per metric ton. The price of Chinese copper wire showed little movement last Friday at CNY 51,270 ($8,266) per metric ton. The price of Chinese bright copper scrap was unchanged at CNY 44,300 ($7,142) per metric ton.

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