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.
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.
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.