The cash price of primary copper saw a 1.5 percent decline on the LME, finishing at $8,045 per metric ton and making it the week’s biggest mover in the copper market. Closing out the third week of declining prices, the 3-month price of primary copper dropped by 1.4 percent on the LME, finishing at $8,004 per metric ton.
Chinese copper prices were mixed for the week. The cash price of Chinese primary copper rose 1.3 percent on the SHFE to CNY 58,670 ($9,307) per metric ton after falling 4.1 percent during the week prior. The price of Chinese copper wire rose 1.3 percent after falling 4.4 percent during the week prior. Chinese bright copper scrap saw a 1.1 percent decline over the past week as well.
The cash price of Japanese primary copper declined to above $8,400 per metric ton, shifting one percent since last week. The price of US copper producer grade 110 fell 0.2 percent over the past week — the third week in a row of declining prices for 110-grade copper — while the US copper producer grade 102 price declined 0.1 percent over the past week. Prices for Korean copper strip remained constant, closing the week under $10 per kilogram.