Copper Down on LME, Hedge Funds Grow Bearish

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Hedge funds grew more bearish on the outlook for copper, viewed by some analysts as a barometer of the global economy, before prices slumped to a 4-year low.

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Futures have slumped 16% this year to $2.8560 a pound on the Comex in New York. The Bloomberg Commodity Index of 22 raw materials slid 9.7% as the MSCI All-Country World Index of equities gained 3.6%.

The cash price of Chinese copper closed up Tuesday, December 2 at CNY 47,580 ($7,731) per metric ton, halting two days of weakening prices with a 4.5% shift. Following a two-day drop, the price of Chinese copper bar increased by 3.8% to CNY 47,380 ($7,698) per metric ton. After falling for two days, the price of Chinese copper wire rose 1.8% to CNY 46,470 ($7,550) per metric ton. After a couple of days of decreasing prices, the price of Chinese bright copper scrap held steady at CNY 38,750 ($6,296).

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The Japanese copper cash price saw a 2.5% decline to JPY 790,000 ($6,677) per metric ton. The price of US copper producer grade 122 reached a 30-day low after decreasing 0.5% to $3.64 per pound. The price of US copper producer grade 110 fell 0.5% to a 30-day low of $3.64 per pound yesterday. After falling 0.5% to $3.83 per pound, the price of US copper producer grade 102 reached a 30-day low.

Copper 3-month saw its price drop on the LME 2.3% to a 30-day low of $6,312 per metric ton on Tuesday. The primary copper cash price fell 2.0% to a 30-day low on the LME of $6,384 per metric ton yesterday.

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