For the third week in a row, the cash price of LME primary copper dropped, falling 5.9 percent to $7,708 per metric ton and clocking in as the biggest mover on the Copper MMI®. The primary copper 3-month price fell to $7,679 per metric ton on the LME, a 4.6 percent change from the prior week. The Japanese primary copper cash price fell 5.5 percent over the past week as well.
Chinese copper prices were also down for the week. The past week saw Chinese bright copper scrap post a 3.9 percent decline. Chinese copper wire prices fell to just above $8,850 per metric ton, down from between $9,150 and $9,200 a week ago. The price of Chinese copper bar also fell, drifting 2.8 percent. Since last week, the cash price of Chinese primary copper fell 2.8 percent.
Korean copper strip remained essentially flat from the previous week at below $10 per kilogram.
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.