The monthly Copper MMI® registered a value of 93 in July, up one point over June’s reading of 92 — an increase of just over one percent. Last month’s Copper MMI® had the largest drop, moving down by 18 points. Copper gained a little during the month of June.
With the exception of Japanese copper prices, most of the complex rose, particularly copper from China. Korean copper strip rose nearly 7 percent for the month. Chinese bright copper scrap prices inched up 2 percent.
Source: MetalMiner IndX(SM)
“Though copper prices failed to recover to their pre-May levels, they did pick up some ground from last month’s MMI reading,” said Lisa Reisman, managing editor of MetalMiner. “It will be interesting to see how these metals MMIs correlate to other economic data,” she continued. “Our feeling is that the Copper MMI® may mirror the ISM PMI data more so than some of the other indexes, but we’ll have to run the correlations.”
Drivers of this Month’s Change in the Copper MMI®
The 3-month price of copper finished the month at $7,408 per metric ton after dropping 1.8 percent on the LME. The cash price of primary copper ended the month on the LME at $7,420 per metric ton, down from $7,420.
The price of US copper producer grade 110 rose 3 percent over the past month, as did US copper producer grades 102 and 110. Chinese copper wire rose one percent. The Chinese copper cash price increased one percent on the last day of the month.
Meanwhile, the cash price of primary Japanese copper dropped one percent.
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. 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.