Copper Now at a 2-Week LME High, China is Buying Again

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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.

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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% 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.

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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.

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