Copper Still Under Pressure From Chinese Economy, Falling Euro

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Copper prices slid on Tuesday as uncertainty about the outlook for growth in top consumer China raised concerns about demand, while a drop in the euro against the dollar also put pressure on metals prices.

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Benchmark copper on the London Metal Exchange (LME) slipped 0.2% to $6,702 a ton at 9:49 GMT. It hit 5-month lows of $6,600 a ton earlier this month.

On the LME, the primary copper cash price fell 0.5% to $6,660 per metric ton yesterday. Also on the LME, the 3-month price of copper declined 0.4% to $6,625 per metric ton.

The Japanese copper cash price saw the biggest decline of the day, dropping 1.4% to close at JPY 754,000 ($6,866) per metric ton on Monday, October 6. The price of US copper producer grade 110 remained essentially flat at $3.70 per pound. The price of US copper producer grade 102 remained essentially flat at $3.89 per pound. The price of US copper producer grade 122 showed little movement on Monday, hovering around $3.70 per pound.

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Chinese copper prices were flat for the day. Chinese copper bar held its value yesterday at CNY 49,720 ($8,013) per metric ton. The cash price of Chinese copper held steady on Monday, remaining around CNY 49,920 ($8,046) per metric ton. The price of Chinese copper wire held steady at CNY 50,395 ($8,122) per metric ton. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat at CNY 44,300 ($7,140) per metric ton.

 

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