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. Last Updated: 07/27/2016

Copper Still Tarnished

LONDON -- The price of copper dipped below the psychologically important threshold of $1,800 per ton Monday -- its lowest price in two and a half years -- in a market hit by new concerns about the Sumitomo scandal.


Traders said prices at $1,785 on the London Metal Exchange were almost $100 down from Friday.


They reported concern about how much copper Sumitomo Corp. of Japan still holds from a huge long-position buildup by Yasuo Hamanaka, the trader who was sacked June 13 and alleged to have run up losses of at least $1.8 billion in unauthorized deals.


Prices now compare with around $2,700 per ton in early May, during what appeared to be a bid by Hamanaka to use his control of a substantial proportion of world stocks of copper to keep the price high.