The cash price of Japanese primary copper saw a 4.5 percent decline, making it the week’s biggest mover on the Copper MMI®. US copper producer grade 122 closed the week a with a 0.6 percent decrease in its price. Since last week, the price of US copper producer grade 110 fell 0.6 percent. The price of US copper producer grade 102 saw a 0.6 percent drop this week as well.
Following a steady week, prices for Korean copper strip closed flat.
Chinese copper prices were down for the week. Chinese copper bar fell 0.8 percent, and Chinese primary cash copper fell 0.8 percent as well on the SHFE to settle at CNY 58,820 ($9,321) per metric ton. Chinese copper wire saw a 0.7 percent decline over the past week. Meanwhile, following a 1.1 percent increase in the week prior, the price of Chinese bright copper scrap fell 0.2 percent last week.
The LME primary copper 3-month price fell 2.5 percent last week, settling at $8,052 per metric ton. The LME cash price of primary copper declined to $8,195 per metric ton after drifting 1.5 percent since last week.
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.