Resilient LME Copper At a 2-Week High on Chinese Building Outlook

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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.

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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.

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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.

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