Copper Rises on Fears of Indonesian, Peruvian Mining Strikes

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Copper rose on Monday on news of planned strike action in Indonesia and Peru and as the dollar fell following results of European bank health checks, though gains were limited by an expected surge in supply of the metal next year, Reuters reported.

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Also helping copper were rumors that China’s State Reserve Board (SRB) has resumed purchasing copper. China consumes about 45% of the world’s copper.

At $3.75 per pound, the price of US copper producer grade 110 moved up 0.5% on Friday, October 24, making it the day’s biggest mover. At $3.75, the price of US copper producer grade 122 finished the market day up 0.5% per pound. The price of US copper producer grade 102 increased 0.5% to $3.94 per pound. The cash price of primary Japanese copper saw a 0.3% decline to JPY 747,000 ($6,861) per metric ton.

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Chinese copper prices were mixed for the day. Chinese copper bar prices rose 0.1% to CNY 48,900 ($7,962) per metric ton. After a 0.1% increase, the cash price of Chinese copper finished the day at CNY 49,100 ($7,994) per metric ton. The price of Chinese copper wire continues hovering around CNY 50,395 ($8,205) per metric ton for the fifth day in a row. For the fifth day in a row, the price of Chinese bright copper scrap remained essentially flat at CNY 44,300 ($7,213) per metric ton.

Following a couple days of improvement, the copper 3-month price weakened by 0.4% on the LME. Prices closed at $6,665 per metric ton. After improving for two days, the cash price of primary copper declined 0.2% on the LME to $6,718 per metric ton.

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