Industrial metals rose as tensions eased in the Gaza Strip and signs emerged that the US pushed back militants in Iraq, boosting investor sentiment for commodities.
There were no rockets fired from Gaza or no Israeli airstrikes on the territory since a cease-fire went into effect at midnight, the Israeli army told Bloomberg News.
The cash price of Japanese copper saw the biggest decline of the day, dropping 1.3 percent to close at JPY 746,000 ($7,304) per metric ton on Friday, August 8. Following a two-day drop, the price of US copper producer grade 110 increased by 0.3 percent to $3.88 per pound. The price of US copper producer grade 122 rose 0.3 percent to $3.88 per pound after a two-day drop. Following a two-day drop, the price of US copper producer grade 102 increased by 0.2 percent to $4.07 per pound.
Chinese copper prices closed flat for the day. The price of Chinese copper bar flattened at CNY 51,100 ($8,291) per metric ton after two days of downward movement. The cash price of Chinese copper flattened at CNY 51,300 ($8,324) following two-days of declines. For the fifth day in a row, the price of Chinese copper wire remained essentially flat at CNY 50,395 ($8,177) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,188) per metric ton.
The cash price of primary copper weakened by 0.2 percent on the LME, settling at $6,980 per metric ton. Also on the LME, the copper 3-month price remained essentially flat at $6,970 per metric ton.