The monthly Copper MMI® registered a value of 92 in June, a decrease of 16.4 percent from 110 in May. This represents the single largest percentage decline of any of the monthly reports to be published all this week by MetalMiner. The Copper MMI® baseline began on January 1, 2012, at a value of 100. This report serves as the first public release of this data.
Source: MetalMiner IndX℠
(Editor’s Note: Data will be presented in graph format, but we caution readers to note the range on the Y-axis.)
To see the drivers of this monthly index and for more commentary, click below.
“Copper has historically served as the economic bellwether commodity,” according to Lisa Reisman, MetalMiner’s managing editor. “Certainly a few alarm bells go off when we see these sorts of steep declines on a month-to-month basis,” she said.
“However, the Copper MMI® even at 92 remains only 8 percentage points under the January baseline figure,” Reisman continued. “Nevertheless, the European debt situation has and will continue to place strain on the global economy.”
Drivers of this Month’s Change in the Copper MMI®
The cash price of primary Japanese copper suffered a 9.7 percent drop on the month. On the LME, the primary copper cash price fell 9.6 percent to $7,516 per metric ton. Also on the LME, the 3-month price of copper closed the month at $7,498 per metric ton after dropping 9.2 percent.
Chinese bright copper scrap finished the month with a 6.7 percent decline in price. Chinese copper wire fell 4.8 percent, and the Chinese copper cash price underwent a 4.7 percent decline.
Korean copper strip held pat last month at under $10 per kilogram.
Paid subscribers have access to all the data on the first of the month and can also obtain the actual price points for constituent elements that comprise the Copper MMI®.
The Copper MMI® collects and weights 12 global copper metal price points to provide a unique view into copper price trends over a 30-day period. MetalMiner will publish the monthly MMI® reports during the first week of the month, every month.
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.