US Copper Price Improves As Markets Close in China

Copper prices fell on Friday, under pressure from a drop in the euro against the dollar, with trading volumes reduced by the absence of consumers in China where the market is closed for the Lunar New Year holiday.

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Three-month copper on the London Metal Exchange (LME) closed down 1% at $5,693 a metric ton.

On Thursday, February 19, the day’s biggest mover was US copper producer grade 110 price, which saw a 1.2% increase to $3.35 per pound. The price of US copper producer grade 122 gained 1.2% to finish at $3.35 per pound. The price of US copper producer grade 102 increased 1.1% to $3.54 per pound. The Japanese copper cash price fell 1.0% to JPY 702,000 ($5,914) per metric ton.

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Chinese copper prices were flat for the day. The price of Chinese copper bar held steady at CNY 42,800 ($6,844) per metric ton. The cash price of Chinese copper held steady around CNY 43,000 ($6,876) per metric ton. Chinese copper wire held its value on Thursday at CNY 41,880 ($6,697) per metric ton. The price of Chinese bright copper scrap remained essentially flat at CNY 33,400 ($5,341) per metric ton.

Following a 0.4% rise on Thursday, the cash price of primary copper closed on the LME at $5,690 per metric ton. Following a two-day drop, the copper 3-month price increased by 0.3% on the LME to $5,680 per metric ton.

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