The week’s biggest mover on the weekly Copper MMI® was the price of Chinese bright copper scrap, which saw a 1.7 percent decline. This comes on the heels of a 0.6 percent increase the week before.
Chinese copper wire prices held steady from the previous week at above $8,700 per metric ton. Prices for Chinese copper bar remained constant, closing the week above $8,800 per metric ton. The Chinese copper cash price remained essentially flat.
The price of US copper producer grades 110 and 122 fell 1.5 percent over the past week, the third week in a row of declining prices for those grades. The price of US copper producer grade 102 fell 1.4 percent over the past week, also the third week in a row of declining prices.
Following a steady week, prices for Korean copper strip closed flat, and the cash price of primary Japanese copper traded sideways, hovering below $8,000 per metric ton.
The primary copper cash price rose 0.7 percent on the LME to $7,425 per metric ton after falling 1.4 percent during the previous week. The 3-month price of copper rose 0.4 percent on the LME to $7,429 per metric ton after falling 1.1 percent during the previous 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.