Source: MetalMiner IndX℠
The monthly Copper MMI® registered a value of 94 in September, an increase of one percent from 93 in August.
“This index reading would appear even higher based on today’s copper values, but news of stimulus measures occurred after Aug. 31,” said Lisa Reisman, managing editor of MetalMiner. “It should not come as a surprise to anyone that copper has risen — especially when one considers precious metals, particularly gold.”
“With the exception of the Japanese primary cash price for copper, all individual forms, grades, types and regions included in the monthly index increased,” noted Reisman. “Copper, like gold, often bucks downward price trends, but several MetalMiner MMI® index values have seen increases this month.”
Price Drivers of the Copper Index Increase
The price of US copper producer grade 110 rose 0.7 percent over the past month, while the price of US copper producer grade 102 also rose 0.7 percent.
On the LME, the 3-month copper price climbed 1.1 percent, settling at $7,610.50 per metric ton after falling the previous month. Chinese copper wire prices inched up 1.6 percent. After dropping the previous month, the Chinese copper cash price prices rose 1.5 percent. The price of Chinese bright copper scrap increased 1.8 percent.
Last month was steady for the Japanese copper cash price, which only increased 0.4 percent. Korean copper strip ticked up just slightly, staying below $10 per kilogram.
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.