The weekly copper MMI saw China’s state stockpiler buy 200,000 tons of the beleaguered, red metal in hopes of stocking and forcing prices of the metal up. Prices are generally still down for copper. Both Freeport and Jiangxi Copper reported heavy losses this week due to the ongoing price erosion.
The week’s biggest mover on the weekly Copper MMI® was the price of Chinese copper wire, which saw a 4.4 percent increase to CNY 49,680 ($7,950) per metric ton. This week marked the fifth in a row of rising prices for the metal. At CNY 50,900 ($8,145) per metric ton, the price of Chinese copper bar finished the week 4.3 percent higher. The Chinese copper cash price rose 4.3 percent this week, closing out the third week at CNY 51,100 ($8,177) per metric ton. At CNY 44,300 ($7,089) per metric ton, the week finished with no movement for Chinese bright copper scrap.
The price of US copper producer grade 122 rose 2.7 percent to $3.83 per pound after falling 0.8 percent during the previous week. The price of US copper producer grade 110 rose 2.7 percent to $3.83 per pound after falling 0.8 percent during the previous week. The price of US copper producer grade 102 rose 2.6 percent to $4.02 per pound after falling 0.8 percent during the previous week. A 1.1 percent gain landed the Japanese copper cash price at JPY 713,000 ($6,968) per metric ton. Prices for Korean copper strip remained constant, closing the week at KRW 9,640 ($9.27) per kilogram.
The primary copper cash price rose 1.5 percent on the LME over the past week to $6,730 per metric ton. Last week, the copper 3-month price increased by a slight 1.3 percent on the LME to $6,720 per metric ton.
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.