LME Copper Rises
Rising 2.2 percent to close at $7,764 per metric ton, the copper cash price experienced the biggest change on the LME for July 20, 2012. Also on the LME, the copper 3-month price rose 2.2 percent to $7,761 per metric ton.
The week’s biggest mover on the weekly Copper MMI® was the copper 3-month price, which saw a 3.7 percent increase on the LME to $7,761 per metric ton. This comes on the heels of a 3.6 percent decline the week prior. The primary copper cash price rose 3.5 percent on the LME to $7,764 per metric ton after falling 3.3 percent during the previous week.
US Copper Prices Up as Well
The price of US copper producer grade 122 gained 1.5 percent on the day, and 3 percent on the week, after falling 1.2 percent during the previous week. The price of US copper producer grade 110 finished the market day up 1.5 percent per pound, and the week up 3 percent as well.
The price of US copper producer grade 102, meanwhile, increased 1.4 percent for the day, and 2.8 percent for the week. Both grades 110 and 102 fell 1.2 percent the previous week.
Asian Copper Prices Mixed
The Japanese copper cash price continues hovering below $8,150 per metric ton for the fifth day in a row, and didn’t end up changing all week.
Chinese copper closed mixed last Friday. Chinese copper bar finished the day up 0.4 percent. The Chinese copper cash price inched up 0.4 percent as well, while the price of Chinese copper wire finished the market day up 0.3 percent per metric ton. Chinese bright copper scrap saw little change in its price last Friday.
For the week, however, Chinese copper were up. The price of Chinese copper bar rose 1.1 percent after falling 0.8 percent during the previous week. The cash price of Chinese copper rose 1.1 percent after falling 0.8 percent during the previous week. The price of Chinese copper wire rose 0.9 percent after falling 0.7 percent during the previous week. The price of Chinese bright copper scrap rose 0.7 percent after falling 1.2 percent during the previous week.
Korean copper strip remained essentially flat from 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.