Copper Still Righting Its LME Ship

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Copper prices steadied on Monday on the London Metal Exchange, after earlier touching their lowest level in almost three months, as the dollar pulled back from an earlier 4-year high against a basket of currencies.

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On the LME, the cash price of primary copper inched up 0.2% to $6,765 per metric ton. Also on the LME, the 3-month price of copper gained 0.2% to finish at $6,725 per metric ton.

The Japanese copper cash price saw a 0.7% increase on Friday, September 26, reaching JPY 772,000 ($7,106) per metric ton and making it the biggest mover for the day. The price of US copper producer grade 110 saw little movement last Friday at $3.76 per pound. The price of US copper producer grade 102 saw little price change last Friday at $3.95 per pound. The price of US copper producer grade 122 showed little movement last Friday, hovering around $3.76 per pound.

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Chinese copper prices were mixed for the day. The price of Chinese copper bar declined 0.1% to CNY 49,500 ($8,068) per metric ton. The Chinese copper cash price weakened by 0.1%, settling at CNY 49,700 ($8,100) per metric ton. The price of Chinese copper wire continues hovering around CNY 50,395 ($8,213) per metric ton for the fifth day in a row. For the fifth consecutive day, the price of Chinese bright copper scrap held flat at CNY 44,300 ($7,220) per metric ton.

 

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