Weaker US Economic Data Sends Copper Prices Higher

The copper market saw some unexpected movement last week, as prices rose despite weaker US economic data. On Friday night, the London Metal Exchange (LME) copper price opened at $14,108.5/mt and dipped to $14,099.5/mt early in the session before drifting higher to a high of $14,196/mt.

The LME copper price finally closed at $14,172.5/mt, up 0.26%, with trading volume rising to 13,000 lots and open interest increasing by 3,237 lots from the previous day.

Meanwhile, on the Shanghai Futures Exchange (SHFE), the most-traded SHFE copper 2609 contract opened at 107,920 yuan/mt and dipped to 107,650 yuan/mt before moving straight up to a high of 108,320 yuan/mt. It finally closed at 108,200 yuan/mt, up 0.49%, with trading volume rising to 26,000 lots.

The US economic data that sparked the copper price rise included unexpectedly negative growth in retail sales and a pullback in consumer confidence for the first time in three months, which sent the US dollar index lower.