The week’s biggest mover on the Copper MMI® was the price of Chinese bright copper scrap, which saw a 2.9 percent decline. This comes on the heels of a 0.1 percent increase the week before.
The price of Chinese copper wire declined 0.9 percent over the past week, while the price of Chinese copper bar dropped 0.8 percent, closing out the third consecutive week of falling prices. The Chinese copper cash price finished the week with a 0.8 percent drop.
Closing out the third week of declining prices, the price of US copper producer grade 122 dropped by 1.5 percent; grade 110 also finished the week down 1.5 percent. The price of US copper producer grade 102 fell 1.4 percent over the past week. This was the third week in a row of declining prices.
Korean copper strip remained unchanged for the week. Meanwhile, the Japanese copper cash price held steady.
For the third week in a row, the LME cash price of primary copper dropped, falling 1.9 percent to $7,516 per metric ton. At $7,498 per metric ton, the copper 3-month price finished the week down 1.5 percent on the LME.
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.