LME Copper Drops Nearly 1% as Breakthrough Reached in Greek Debt Crisis

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Greece will seek an extension to its rescue deal from the rest of the eurozone, officials said, signaling a shift in the standoff between Athens and its creditors. The possibility of an agreement that would keep the EU whole sparked optimism in copper markets.

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The day’s biggest mover was the copper cash price which dropped by 0.8% on Wednesday, February 18 to close at $5,665 per metric ton on the London Metal Exchange. Today marks the fifth day in a row of declining prices for the 3-month price of copper. After falling 0.7% on the LME, prices settled at $5,665 per metric ton, driving an accelerated drop-off since Thursday, February 12.

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Following a quiet couple of days, the price of US copper producer grade 122 fell 0.6% on Wednesday to $3.31 per pound. After two changeless days, the price of US copper producer grade 110 fell 0.6% to $3.31 per pound. The price of US copper producer grade 102 dropped by 0.6% to $3.50 per pound after holding steady. The Japanese copper cash price remained essentially flat at JPY 709,000 ($5,947) per metric ton.

Chinese copper prices were flat for the day. At CNY 42,800 ($6,841) per metric ton, the price of Chinese copper bar was essentially unchanged. The cash price of Chinese copper held steady yesterday, remaining around CNY 43,000 ($6,873) per metric ton. Chinese copper wire held its value on Wednesday at CNY 41,880 ($6,694) per metric ton. The price of Chinese bright copper scrap continues hovering around CNY 33,400 ($5,339) per metric ton for the fifth day in a row.

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