Japanese Stimulus Doesn’t Help its Copper Prices

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Copper prices are being affected by weak manufacturing data from top consumer China. Stimulus speculation has begun there as policymakers try to reverse the numbers. The Bank of Japan introduced surprise stimulus measures last week, there.

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China’s economy lost further momentum heading into the fourth quarter as a cooling property market weighed on activity and export demand softened.

The Japanese copper cash price saw the biggest decline of the day, dropping 0.9% to close at JPY 774,000 ($7,109) per metric ton on Tuesday, November 4. Following a two-day drop, the price of US copper producer grade 110 increased by 0.3% to $3.78 per pound. The price of US copper producer grade 122 rose 0.3% to $3.78 per pound after a two-day drop. Following a 0.3% rise yesterday, the price of US copper producer grade 102 closed at $3.97 per pound.

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Chinese copper prices were mixed for the day. Following a two-day drop, the price of Chinese copper bar increased by 0.4% to CNY 49,280 ($8,024) per metric ton. Following a 0.4% rise yesterday, the cash price of Chinese copper closed at CNY 49,480 ($8,056) 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 was unchanged at CNY 44,300 ($7,213) per metric ton.

The 3-month price of copper weakened by 0.5% on the LME, settling at $6,729 per metric ton. Also on the LME, the primary copper cash price declined 0.5% to $6,800 per metric ton.

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