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 on the Copper MMI. 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 to CNY 57,525 ($9,125) per metric ton after falling 4.4 percent during the week prior. Chinese bright copper scrap saw a 1.1 percent decline over the past week to CNY 49,950 ($7,923) per metric ton.
The cash price of Japanese primary copper declined to JPY 689,000 ($8,432) per metric ton after shifting one percent since last week. The price of US copper producer grade 110 fell 0.2 percent over the past week to $6.62 per pound. This was the third week in a row of declining prices for 110-grade copper. The price of US copper producer grade 102 declined 0.1 percent over the past week, settling at $6.81 per pound. Prices for Korean copper strip remained constant, closing the week at KRW 10,850 ($9) per kilogram.