London copper climbed to a fresh 2-week high on Tuesday, boosted by buying in China after Beijing 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% from the month before.
The cash price of primary copper saw the biggest increase at 1.6% on the LME, finishing at $6,800 per metric ton for Tuesday, October 14. Also on the LME, the 3-month price of copper inched up 1.4% to $6,725 per metric ton.
The cash price of primary Japanese copper rose 0.9% to JPY 761,000 ($6,990) per metric ton. The price of US copper producer grade 122 ended a two-day climb, settling at $3.74 per pound. Following a two-day rise, the price of US copper producer grade 102 flattened at $3.93. The price of US copper producer grade 110 flattened at $3.74 after two days of improvement.
Chinese copper prices were mixed for the day. Chinese copper bar closed 0.3% lower at CNY 49,400 ($8,043) per metric ton. The Chinese copper cash price weakened by 0.3%, settling at CNY 49,600 ($8,076) per metric ton. 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 was unchanged at CNY 44,300 ($7,213) per metric ton.