COMEX Copper Futures Now at an 8-Week Low

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Copper prices fell to their lowest level in almost eight weeks Thursday, as investors reacted to weak economic data in Europe and the US, according to the Wall Street Journal.

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Copper for September delivery, the most actively traded contract, was recently down 1.05 cents, or 0.3%, to $3.1015 a pound on the Comex division of the New York Mercantile Exchange. Prices hit $3.0965 a pound earlier in the session, their lowest level since June 20.

US copper producer grade 110 price saw a 0.5 percent drop on Wednesday, August 13, landing at $3.85 per pound and making it the biggest mover of the day. The price of US copper producer grade 122 declined 0.5 percent to $3.85 per pound. The price of US copper producer grade 102 weakened by 0.5 percent, settling at $4.04 per pound. The cash price of primary Japanese copper inched up 0.1 percent to JPY 749,000 ($7,323) per metric ton.

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Chinese copper prices were flat for the day. The price of Chinese copper bar held steady at CNY 50,960 ($8,274) per metric ton. The cash price of Chinese copper saw little change in its price yesterday at CNY 51,160 ($8,307) per metric ton. The price of Chinese copper wire continues hovering around CNY 50,395 ($8,183) per metric ton for the fifth day in a row. The price of Chinese bright copper scrap held steady at CNY 44,300 ($7,193) per metric ton.

On the LME, the cash price of primary copper rose 0.2 percent to $7,025 per metric ton. Also on the LME, the 3-month price of copper rose 0.1 percent to $7,010 per metric ton.

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