3-Month Copper Hits 6-Week High on the LME After Fed Considers Raising Interest Rates

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3-month copper surged to a six-week high on Tuesday after Federal Reserve Chairwoman Janet Yellen said it was preparing to consider rate rises on a meeting-by-meeting basis. Greece also secured its bailout extension from the EU and oil prices rebounded.

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Yellen said it would be several months before the Fed expects to raise interest rates but the consideration was now on the table. 3-month copper on the London Metal Exchange jumped to a session peak of $5,846 a metric ton today, the strongest since Jan. 13, and closed 2% higher at $5,785.

On Monday, March 9, the day’s biggest mover was the price of US copper producer grade 110, which saw a 1.5% decline to $3.34 per pound. After two changeless days, the price of US copper producer grade 122 fell 1.5% to $3.34 per pound. The price of US copper producer grade 102 dropped by 1.4% to $3.53 per pound after holding steady. After a 0.4% increase, the cash price of primary Japanese copper finished the day at JPY 727,000 ($6,021) per metric ton.

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Chinese copper prices were mixed for the day. The price of Chinese copper bar declined 1.2% to CNY 42,770 ($6,827) per metric ton. The cash price of Chinese copper declined 1.2% to CNY 42,970 ($6,859) per metric ton. Chinese copper wire prices saw a 1.2% decline to CNY 41,940 ($6,695) per metric ton. The price of Chinese bright copper scrap was unchanged at CNY 33,400 ($5,332) per metric ton.

The primary copper cash price weakened by 0.5% on the LME, settling at $5,826 per metric ton. Also on the LME, the 3-month price of copper fell 0.4% to $5,804 per metric ton.

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