The week’s biggest mover on the Copper MMI® was the price of US copper producer grade 122, which saw a 1.5 percent decline to $4 per pound. Last week marked the fourth in a row of declining prices for the metal. For the third week in a row, the price of US copper producer grade 110 dropped, falling 1.2 percent to $4.06 per pound. Closing out the third week of declining prices, the price of US copper producer grade 102 dropped by 1.2 percent, finishing at $4.25 per pound. At KRW 10,850 ($9) per kilogram, the week finished with no movement for Korean copper strip. The cash price of primary Japanese copper closed at JPY 640,000 ($8,056) per metric ton after a flat week.
Chinese copper prices were mixed for the week. At CNY 56,780 ($8,963) per metric ton, the price of Chinese copper bar finished the week down 0.4 percent. The Chinese copper cash price fell 0.4 percent over the past week to CNY 56,980 ($8,995) per metric ton. This was the third week in a row of declining prices. The price of Chinese bright copper scrap rose 0.1 percent to CNY 48,600 ($7,672) per metric ton after falling 3.9 percent during the previous week. Following a steady week, prices for Chinese copper wire closed flat at CNY 56,000 ($8,840) per metric ton.
The 3-month price of copper dropped 0.9 percent on the LME this week, closing out the third consecutive week of falling prices at $7,612 per metric ton. For the third week in a row, the primary copper cash price dropped, falling 0.6 percent on the LME to $7,659 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.