Copper rallied to its highest level on the London Metal Exchange since Chinese funds attacked the metal six weeks ago.
Last month, aggressive selling of futures contracts by the funds, first on the LME and then on the Shanghai Futures Exchange, pushed copper to its lowest level since 2009.
But after hitting $5,427 a ton in January, copper has rallied sharply. The industrial metal briefly traded above $5,900 on Thursday before paring gains.
Following a two-day decline, US copper producer grade 102 price climbed up 42.5% to end at $3.62 per pound on Wednesday, February 25. The price of US copper producer grade 110 rose 2.4% to $3.43 per pound. The price of US copper producer grade 122 rose 2.4% to $3.43 per pound. The cash price of primary Japanese copper saw little movement on Wednesday at JPY 707,000 ($5,946) per metric ton.
Chinese copper prices closed flat for the day. For the fifth day in a row, the price of Chinese copper bar remained essentially flat at CNY 42,800 ($6,850) per metric ton. The Chinese copper cash price saw little movement at CNY 43,000 ($6,882) per metric ton. The price of Chinese copper wire continues hovering around CNY 41,880 ($6,703) per metric ton for the fifth day in a row. The price of Chinese bright copper scrap remained essentially flat at CNY 33,400 ($5,346) per metric ton.
Following a 1.0% rise on Wednesday, the 3-month price of copper closed on the LME at $5,710 per metric ton. The cash price of primary copper rose 1.0% on the LME to $5,715 per metric ton after a two-day drop.