Copper Rises to $6,881.25 After Tuesday’s Drop

Copper rose 0.1 percent or $6.88 to $6,881.25 per tonne on Wednesday, according to Reuters. On Tuesday, copper hit a one-month low of $6,628 per tonne because of concerns that copper financing in China will be harder to obtain as port probes continue.

Premiums to get copper from Shanghai’s copper bonded areas continue to drop. Two banks involved in global commodity financing have requested Chinese clients to shift their copper and aluminum stores, often used as loan collateral, to better regulated warehouses, according to Reuters. These effects of the port probes may contribute to reduction in net long positions, according to Commerzbank, though positive U.S. data is bolstering prices.

Copper for delivery in July fell 0.5 percent or $0.02 to $3.04 per pound on New York’s Comex, according to Bloomberg Businessweek.