Copper advanced for a second straight session in New York as US manufacturing expanded at the quickest clip in three years and construction spending rebounded, signaling increased demand, Bloomberg News reported.
The Institute for Supply Management’s August factory gauge climbed to the highest since March 2011 as orders grew by the most in a decade, according to a report today. US government data showed construction spending increased more than analysts forecast in July. The nation is the world’s largest copper consumer after China.
The cash price of Japanese copper saw the biggest decline of the day, dropping 1.3 percent to close at JPY 754,000 ($7,270) per metric ton on Monday, September 1. The price of US copper producer grade 110 saw a 1.0 percent decline to $3.84 per pound. The price of US copper producer grade 122 declined 1.0 percent to $3.84 per pound. The price of US copper producer grade 102 weakened by 1.0 percent, settling at $4.03 per pound.
Chinese copper prices were mixed for the day. Following a two-day drop, the price of Chinese copper bar increased by 0.5 percent to CNY 51,400 ($8,367) per metric ton. The cash price of Chinese copper rose 0.5 percent to CNY 51,600 ($8,400) per metric ton after a two-day drop. The price of Chinese copper wire held steady at CNY 50,395 ($8,204) per metric ton. The price of Chinese bright copper scrap was unchanged at CNY 44,300 ($7,212) per metric ton.
On the LME, the primary copper cash price fell 0.6 percent to $6,994 per metric ton. Also on the LME, the copper 3-month price declined 0.4 percent to $6,970 per metric ton.