Copper Slides to 5-Month Low, ECB Fails to Impress

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Copper hit a 5-month after the European Central Bank’s monthly meeting failed to inspire confidence about future growth, stoking fears about metal demand.

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Prices were also vulnerable to further pressure from a strong dollar as data showed that the US economic recovery gained pace, supporting the case for a rise in interest rates.

On the LME, the 3-month price of copper declined 0.1% to $6,686 per metric ton. The primary copper cash price saw little price change yesterday on the LME at $6,735 per metric ton.

Dropping 1.3%, the price of US copper producer grade 110 was the biggest mover on Wednesday, October 1, closing at $3.71 per pound. The price of US copper producer grade 122 declined 1.3% to $3.71 per pound. The price of US copper producer grade 102 saw a 1.3% decline to $3.90 per pound. The Japanese copper cash price rose 0.3% to JPY 774,000 ($7,058) per metric ton.

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Chinese copper prices were flat for the day. Chinese copper bar held its value on Wednesday at CNY 49,720 ($8,100) per metric ton. The Chinese copper cash price showed little movement yesterday at CNY 49,920 ($8,132) per metric ton. For the fifth consecutive day, the price of Chinese copper wire held flat at CNY 50,395 ($8,210) per metric ton. The price of Chinese bright copper scrap was unchanged at CNY 44,300 ($7,217) per metric ton.

 

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