The cash price of Japanese primary copper saw a 4.5 percent decline, finishing at JPY 677,000 ($8,468) per metric ton and making it the week’s biggest mover on the Copper MMI®. With a 0.6 percent decrease, US copper producer grade 122 closed the week at $6 per pound. Since last week, the price of US copper producer grade 110 fell to $6.69 per pound after moving 0.6 percent. The price of US copper producer grade 102 saw a 0.6 percent drop this week, closing at $6.88 per pound. Following a steady week, prices for Korean copper strip closed flat at KRW 10,850 ($9) per kilogram.
Chinese copper prices were down for the week. Chinese copper bar fell 0.8 percent over the past week to CNY 58,620 ($9,289) per metric ton. Chinese primary cash copper fell 0.8 percent on the SHFE for the week to settle at CNY 58,820 ($9,321) per metric ton. Chinese copper wire saw a 0.7 percent decline over the past week to CNY 57,850 ($9,167) per metric ton. Following a 1.1 percent increase in the week prior, the price of Chinese bright copper scrap fell 0.2 percent last week to CNY 50,500 ($8,002) per metric ton.
The primary copper 3-month price fell 2.5 percent last week on the LME, settling at $8,052 per metric ton. The price of primary cash 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.