opper prices were down on May 21 on the London Metal Exchange due on the back of weak import figures from China.
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Reuters reported that an up tick in demand, coupled with sparse inventories, have pushed Chinese copper premiums to a 7-month high.
Bloomberg reported that copper got a boost from supply concerns with the closure of Freeport-McMoRan Copper & Gold Inc.’s Grasberg Indonesian mine after a tunnel collapse.
Bloomberg reported that copper futures are headed for their longest rally since January on the back of the work stoppage at Freeport-McMoRan Copper & Gold Inc.'s (NYSE:FCX) Grasberg mine in Indonesia. A tunnel collapsed at the mine on May 14 and the death toll is now at 17.
Copper prices fell in London on the back of reports that China may cut its demand for the metal and that the US economy is improving.
Bloomberg reported that copper climbed on Friday, reducing losses this week, given a boost by improving U.S. consumer confidence that suggest an up tick in demand.
Copper for delivery in three months fell on the London Metal Exchange to $7,198 per metric ton, a 0.6-percent decline.
Copper for July delivery fell to $3.283 a pound on the COMEX in New York the morning of May 14, a decrease of $0.0755.
Copper prices increased May 13 on the London Metal Exchange to $7,390 a tonne, about $15 higher than the previous session.
Bloomberg reported that copper continued to rise on Monday, boosted by signs of strength gathering in major consumer China's demand. As quoted in the market report: