China’s purchasing managers’ index (PMI) indicated that the world’s second largest economy grew faster in the second quarter than the first last week.
The official manufacturing PMI for July came in at 51.7, up from 51.0 in June, the highest since May 2012. A reading above 50 indicates expansionary conditions for industry.
Output and new orders of manufacturing components picked up showing strong domestic demand, while export orders, which had lagged, also improved.
US copper producer grade 110 price saw the biggest upwards shift for the day, rising 0.8 percent to close at $3.93 per pound on Thursday, July 31. The price of US copper producer grade 122 rose 0.8 percent to $3.93 per pound. The price of US copper producer grade 102 increased 0.7 percent to $4.12 per pound. The Japanese copper cash price saw a 0.1 percent decline to JPY 758,000 ($7,370) per metric ton.
Chinese copper closed mixed yesterday. Chinese copper bar prices inched up 0.4 percent to CNY 51,520 ($8,348) per metric ton. The Chinese copper cash price gained 0.4 percent to finish at CNY 51,720 ($8,380) per metric ton. The price of Chinese copper wire flattened at CNY 50,405 ($8,167) per metric ton after two days of downward movement. The price of Chinese bright copper scrap was unchanged at CNY 44,300 ($7,178) per metric ton.
On the LME, the copper 3-month price declined 0.6 percent to $7,060 per metric ton. Also on the LME, the cash price of primary copper fell 0.4 percent to $7,089 per metric ton.