London Metal Exchange copper climbed to fresh 2-week peaks on Tuesday, boosted by technical buying after China reaffirmed plans to step up infrastructure projects to support growth, following robust September trade data.
China’s investment growth should pick up in the coming months as authorities hasten construction of water conservation projects and other infrastructure, a senior official at the country’s powerful economic planner said on Tuesday.
That came after China posted a surprisingly strong trade performance in September, soothing worries over a slowdown in the world’s top metals user. September copper imports rose nearly 15 percent from the month before.
On Monday, October 13, the day’s biggest mover was the copper 3-month price, which saw a 1.1% decline on the LME to $6,635 per metric ton. The primary copper cash price closed at $6,696 per metric ton. Following a couple days of improvement, prices fell by 1.0% on the LME.
After a 0.3% increase, the price of US copper producer grade 122 finished the day at $3.74 per pound. The price of US copper producer grade 110 increased 0.3% to $3.74 per pound. The price of US copper producer grade 102 gained 0.3% to finish at $3.93 per pound. The Japanese copper cash price flattened at JPY 754,000 ($6,925) per metric ton after two days of downward movement.
Chinese copper closed mixed on Monday. After falling for two days, the price of Chinese copper bar rose 0.5% to CNY 49,550 ($8,068) per metric ton. The cash price of Chinese copper is back up, rising by 0.5% yesterday to close at CNY 49,750 ($8,100) per metric ton. 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 held steady at CNY 44,300 ($7,213) per metric ton.