A Chinese manufacturing gauge from HSBC Holdings PLC and Markit Economics showed a preliminary September reading of 50.5 today, exceeding the median estimate of 50 in a Bloomberg survey of economists. Metals also gained as the dollar retreated against a 10-currency basket, making commodities priced in greenbacks cheaper in terms of other monies.
Futures for delivery in December rose 0.2 percent to $3.045 a pound by 7:25 a.m. on the COMEX in New York. Copper for delivery in three months added 0.4 percent to $6,744 a metric ton on the London Metal Exchange.
Closing at CNY 49,850 ($8,097) per metric ton on Monday, September 22, Chinese copper bar saw the biggest change at a 1.1 percent. The Chinese copper cash price weakened by 1.1 percent, settling at CNY 50,050 ($8,129) per metric ton. The price of Chinese copper wire saw little movement at CNY 50,395 ($8,185) per metric ton. The price of Chinese bright copper scrap was unchanged at CNY 44,300 ($7,195) per metric ton.
The Japanese copper cash price fell 0.9 percent to JPY 781,000 ($7,168) per metric ton. The price of US copper producer grade 122 declined 0.3 percent to $3.79 per pound. The price of US copper producer grade 110 saw a 0.3 percent decline to $3.79 per pound. The price of US copper producer grade 102 weakened by 0.3 percent, settling at $3.98 per pound.
On the LME, the copper 3-month price declined 0.8 percent to $6,826 per metric ton. The primary copper cash price saw a 0.7 percent decline on the LME to $6,868 per metric ton.