The biggest mover this week on the LME was the copper cash price with a 3.2 percent fall on the weekly Copper MMI® to close the week at $7,336 per metric ton. The 3-month price of copper fell 3.2 percent on the LME over the past week to $7,373 per metric ton. This was the fourth week in a row of declining prices.
Chinese copper prices were mixed for the week. The price of Chinese copper wire finished the week down 0.8 percent. For the third week in a row, the price of Chinese copper bar dropped, falling 0.7 percent. Closing out the third week of declining prices, the Chinese copper cash price dropped by 0.7 percent. Chinese bright copper scrap traded sideways last week.
Following a 0.2 percent increase in the week prior, the price of US copper producer grade 122 fell 2.2 percent. The price of US copper producer grade 110 fell 2.2 percent as well, after rising 0.2 percent the week before. Following a 0.2 percent increase in the week prior, the price of US copper producer grade 102 fell 2.1 percent.
Following a steady week, prices for Korean copper strip closed flat. This past week, the Japanese copper cash price kept quiet.
The Copper MMI® collects and weights 12 global copper metal price points to provide a unique view into copper price trends. For more information on the Copper MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.