Sentiment on Copper Positive in Reuters/University of Michigan Poll

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The Thomson-Reuters/University of Michigan mid-September sentiment index rose to 84.6, its highest level since July 2013, in a sign that consumers are increasingly optimistic about the economy.

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Copper futures edged higher on Friday as signs of improvement in the US and European economies helped offset pressure from a stronger US dollar.

The most actively traded contract, for December delivery, rose 1.40 cents, or 0.5 per cent, to settle at $3.1065 a pound on the Comex division of the New York Mercantile Exchange.

The Japanese copper cash price saw a 1.2 percent increase on Friday, September 12, reaching JPY 768,000 ($7,170) per metric ton and making it the biggest mover for the day. The price of US copper producer grade 110 saw a 0.5 percent decline to $3.79 per pound. The price of US copper producer grade 122 fell 0.5 percent to $3.79 per pound. The price of US copper producer grade 102 declined 0.5 percent to $3.98 per pound.

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Chinese copper closed mixed last Friday. Chinese copper bar prices saw a 0.7 percent decline to CNY 50,170 ($8,185) per metric ton. The cash price of Chinese copper weakened by 0.7 percent, settling at CNY 50,370 ($8,218) per metric ton. The price of Chinese copper wire was unchanged at CNY 50,395 ($8,222) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,227) per metric ton.

The primary copper cash price saw a 1.0 percent decline on the LME to $6,829 per metric ton. Also on the LME, the copper 3-month price declined 1.0 percent to $6,803 per metric ton.

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