US Jobs Data Fueling Copper’s Surge

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Copper closed at its highest price in more than four months on Wednesday as more signs of economic growth pushed prices for the industrial metal up.

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News that the US added 288,000 jobs in June, beating expectations, buoyed the industrial metal as well as a report on hiring from ADP, a payroll processor, that said private employers added 281,000 workers last month.

The Japanese copper cash price saw the biggest increase at 1.0 percent, finishing at JPY 743,000 ($7,316) per metric ton for Wednesday, July 2. At $3.89, the price of US copper producer grade 110 finished the market day up 0.3 percent per pound. The price of US copper producer grade 122 increased 0.3 percent to $3.89 per pound. After a 0.2 percent increase, the price of US copper producer grade 102 finished the day at $4.08 per pound.

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Chinese copper prices were flat for the day. The price of Chinese copper bar flattened at CNY 52,500 ($8,468) after two days of improvement. The cash price of Chinese copper ended a two-day climb, settling at CNY 52,700 ($8,500) per metric ton. Chinese copper wire held its value on Wednesday at CNY 50,770 ($8,189) per metric ton. The price of Chinese bright copper scrap saw little movement at CNY 44,300 ($7,145) per metric ton.

At $6,995, the copper 3-month price finished the market day on the LME up 0.9 percent per metric ton. After a 0.9 percent increase, the primary copper cash price finished the day on the LME at $7,015 per metric ton.

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