The week’s biggest mover on the weekly Copper MMI® was the price of Chinese bright copper scrap, which saw a 1.9 percent increase. This comes on the heels of a 1.7 percent decline the week prior. The price of Chinese copper wire declined one percent over the past week. Chinese copper bar prices fell 0.5 percent over the past week. With a 0.5 percent decrease, the Chinese copper cash price closed the week over $8,830 per metric ton.
The price of US copper producer grade 122 rose 0.8 percent after falling 1.5 percent during the previous week. The price of US copper producer grade 110 rose 0.8 percent after falling 1.5 percent during the previous week. The price of US copper producer grade 102 rose 0.7 percent after falling 1.4 percent during the previous week. Prices for Korean copper strip remained constant. The cash price of primary Japanese copper stayed essentially flat as well.
Following a 0.4 percent increase in the week prior, the copper 3-month price fell 0.3 percent on the LME last week to $7,408 per metric ton. At $7,420 per metric ton, the primary copper cash price remained essentially flat on the LME.
Will prices rally?
Chinese bright copper scrap saw the biggest upwards shift for the day on Friday, June 29, rising 3.7 percent. Chinese copper bar finished the day up 0.5 percent as well. After a 0.5 percent increase, the cash price of Chinese copper finished also rose. Only Chinese copper wire was essentially unchanged.
Meanwhile on Friday, June 29 in the US, the price of US copper producer grade 122 declined 0.5 percent. The price of US copper producer grade 110 saw a 0.5 percent decline. The price of US copper producer grade 102 fell 0.5 percent. The cash price of primary Japanese copper remained essentially flat.
On the LME, the 3-month price of copper gained one percent to finish at $7,408 per metric ton. The cash price of primary copper increased 0.9 percent on the LME to $7,420 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.