Copper rose on the LME yesterday, supported by signs of physical supply tightness and hopes for another wave of stimulus in Japan and Europe.
Reuters reported that news of a snap election and a delayed tax increase in Japan bolstered hopes for new stimulus measures, while the European Central Bank president said it was ready for more action if current efforts do not speed up the euro zone recovery.
On Thursday, November 20, the day’s biggest mover was the cash price of Japanese copper, which saw a 0.7% decline to JPY 812,000 ($6,872) per metric ton. The price of US copper producer grade 110 showed little movement yesterday, hovering around $3.75 per pound. The price of US copper producer grade 102 remained essentially flat at $3.94 per pound. The price of US copper producer grade 122 held steady around $3.75 per pound.
Chinese copper closed mixed yesterday. The price of Chinese copper wire rose 0.3% to CNY 48,125 ($7,864) per metric ton after a two-day drop. Following a 0.2% rise yesterday, the price of Chinese copper bar closed at CNY 48,860 ($7,985) per metric ton. Following a two-day drop, the cash price of Chinese copper increased by 0.2% to CNY 49,060 ($8,017) per metric ton. Chinese bright copper scrap saw little change in its price on Thursday at CNY 42,300 ($6,913) per metric ton.
After a 0.5% increase, the cash price of primary copper finished the day on the LME at $6,714 per metric ton. Also on the LME, the 3-month price of copper inched up 0.4% to $6,643 per metric ton.