Copper Up, Chinese Home Price Data Stunts Growth

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London copper edged higher recently as some investors regarded recent losses as overdone, but gains were capped after new home prices in top metal consumer China fell in July for the third month in a row.

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Weakening prices changed direction when the copper cash price rose 0.8 percent on Tuesday, August 19 on the LME to $6,910 per metric ton. After falling for two days, the 3-month price of copper rose 0.6 percent on the LME to $6,887 per metric ton.

The Japanese copper cash price rose 0.5 percent to JPY 737,000 ($7,181) per metric ton after a two-day drop. The price of US copper producer grade 122 increased 0.3 percent to $3.81 per pound. The price of US copper producer grade 110 inched up 0.3 percent to $3.81 per pound. The price of US copper producer grade 102 gained 0.3 percent to finish at $4.00 per pound.

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Chinese copper prices were mixed for the day. Chinese copper bar gained 0.1 percent to finish at CNY 50,440 ($8,210) per metric ton. The Chinese copper cash price rose 0.1 percent to CNY 50,640 ($8,242) per metric ton. The price of Chinese copper wire continues hovering around CNY 50,395 ($8,202) per metric ton for the fifth day in a row. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,210) per metric ton.

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