Copper prices rose the most in 3 weeks in London as the dollar’s decline enhanced the appeal of industrial metals as alternative investments.
Federal Reserve policy makers maintained a pledge to keep interest rates low for a “considerable time,” and said growth “might be slower than they expected if foreign economic growth came in weaker than anticipated,” minutes of last month’s meeting showed yesterday. In the previous 3 days, the dollar posted the biggest drop since July 2013, against a basket of 10 currencies. Today, prices from aluminum to zinc climbed. Bloomberg News reported.
Rising 0.4% to close at JPY 766,000 ($7,036) per metric ton, the Japanese copper cash price experienced the biggest change for Wednesday, October 8. The price of US copper producer grade 110 showed little movement yesterday at $3.74 per pound. The price of US copper producer grade 102 saw little price change yesterday at $3.93 per pound. The price of US copper producer grade 122 held steady around $3.74 per pound.
Chinese copper prices were mixed for the day. The price of Chinese copper bar fell 0.2% yesterday to CNY 49,640 ($8,082) per metric ton. The cash price of Chinese copper fell 0.2% yesterday to CNY 49,840 ($8,115) per metric ton after three straight days with no change. For the fifth day in a row, the price of Chinese copper wire remained essentially flat at CNY 50,395 ($8,205) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,213) per metric ton.
On the LME, the 3-month price of copper saw little movement on Wednesday at $6,680 per metric ton. Also on the LME, the primary copper cash price saw little change in its price on Wednesday at $6,715 per metric ton.