Copper Hits A 4-Week Comex Low as Chinese Output Remains Tepid

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Copper prices fell to  4-week low overnight, as investors reacted to weaker data from number one consumer China and a drop in oil prices.

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The most actively traded contract, for December delivery, ended down 3.05 cents, or 1.1% at $2.9945 a pound on the Comex division of the New York Mercantile Exchange. It was the lowest settlement price since October 20, the Wall Street Journal reported.

Chinese industrial output slowed in October and fixed-asset investment in rural areas grew less than expected, a sign that the country’s economy is continuing to flag.

Following a three-day flat streak, the price of Chinese copper wire dropped by 5.1% to end at CNY 47,835 ($7,788) per metric ton on Friday, November 14. At CNY 48,580 ($7,910) per metric ton, Chinese copper bar fell 0.8% on Thursday. The Chinese copper cash price weakened by 0.8%, settling at CNY 48,780 ($7,942) 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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The price of US copper producer grade 122 fell 1.3% to $3.70 per pound. The price of US copper producer grade 110 saw a 1.3% decline to $3.70 per pound. The price of US copper producer grade 102 declined 1.3% to $3.89 per pound. The cash price of primary Japanese copper rose 0.9% to JPY 808,000 ($7,421) per metric ton.

On the LME, the copper 3-month price increased 1.1% to $6,695 per metric ton. Also on the LME, the cash price of primary copper gained 1.0% to finish at $6,755 per metric ton.

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