Copper Hits a 5-Week Low on Chinese Supply Concerns

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Copper prices fell to their lowest level in more than five weeks today, pressured by a stronger dollar and concerns about growth in China, the world’s largest consumer of the metal.

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Copper for September delivery, the most actively traded contract, was recently down 1% at $3.1735 a pound on the Comex division of the New York Mercantile Exchange, the Wall Street Journal Reported. Earlier in the session, prices touched $3.1570 a pound, the lowest level since June 26.

On Tuesday, August 5, the Japanese copper cash price fell by 0.9 percent, landing at JPY 759,000 ($7,402) per metric ton and making it the day’s biggest mover. After falling for two days, the price of US copper producer grade 110 rose 0.8 percent to $3.94 per pound. The price of US copper producer grade 122 is back up, rising by 0.8 percent on Tuesday to close at $3.94 per pound. Following a 0.7 percent rise yesterday, the price of US copper producer grade 102 closed at $4.13 per pound.

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Chinese copper prices were mixed for the day. The price of Chinese copper bar increased 0.2 percent to CNY 51,580 ($8,348) per metric ton. The Chinese copper cash price gained 0.2 percent, finishing at CNY 51,780 ($8,380) per metric ton. Chinese copper wire saw little change in its price on Tuesday at CNY 50,405 ($8,158) per metric ton. The price of Chinese bright copper scrap remained essentially flat at CNY 44,300 ($7,170) per metric ton.

At $7,095, the copper 3-month price finished the market day on the LME up 0.5 percent per metric ton. Also on the LME, the cash price of primary copper gained 0.3 percent to finish at $7,102 per metric ton.

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