Positive PMI Data From China Pushes Up Copper Prices

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The Shanghai Futures Exchange (SHFE) copper prices increased on Friday mainly due to positive manufacturing activity in July from China.

According to the preliminary data released by HSBC on Thursday, the China Manufacturing Purchasing Managers’ Index (PMI) climbed to 52.0 in July from June’s 50.7, hitting an 18-month high.

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“Economic activity continues to improve in July, suggesting that the cumulative impact of mini-stimulus measures introduced earlier is still filtering through,” Reuters reported Thursday, quoting Qu Hongbin, chief economist for China at HSBC.

At $3.95 per pound, the price of US copper producer grade 110 moved up 1.5 percent on Friday, July 25, making it the day’s biggest mover. The price of US copper producer grade 122 gained 1.5 percent to finish at $3.95 per pound. The price of US copper producer grade 102 inched up 1.5 percent to $4.14 per pound. The Japanese copper cash price ended a two-day climb, settling at JPY 750,000 ($7,369) per metric ton.

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Chinese copper prices were mixed for the day. At CNY 51,660 ($8,339), the price of Chinese copper bar finished the market day up 0.3 percent per metric ton. The cash price of Chinese copper gained 0.3 percent to finish at CNY 51,860 ($8,372) per metric ton. The price of Chinese copper wire held steady at CNY 50,790 ($8,199) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,151) per metric ton.

At $7,150, the primary copper cash price finished the market day on the LME up 1.3 percent per metric ton. After a 1.0 percent increase, the copper 3-month price finished the day on the LME at $7,140 per metric ton.

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