The biggest mover on MetalMiner’s weekly Copper MMI® was the 3-month price of copper, which saw a 1.9 percent increase on the LME to $8,330 per metric ton. This comes on the heels of a 0.3 percent decline the week prior. The LME copper cash price rose 1.9 percent to $8,324 per metric ton after falling 0.5 percent during the previous week.
According to Standard Bank analysis, the copper futures market appears to be holding out for Chinese stimulus. “We maintain that should any significant [Chinese] fiscal stimulus projects be announced these are likely to by-pass the residential and commercial property sectors so as to avoid speculation in property.
“Given our estimate that construction consumes almost 50% of copper, we do not expect copper demand to pick up to the same extent as it did following the 2009 stimulus plan,” the report continued. “Monetary stimulus will at best provide a knee-jerk lift to prices, but it will take up to a year before any effects are seen in the real economy.”
Chinese copper prices were flat for the week…
Prices for Chinese copper bar remained constant, as did the Chinese copper cash price, copper wire and bright copper scrap.
The price of US copper producer grade 122 rose 1.1 percent after falling 1.8 percent during the previous week. Same story for the price of US copper producer grade 110; it rose 1.1 percent after falling 1.8 percent during the previous week. The price of US copper producer grade 102 rose 1.1 percent after falling 1.7 percent during the previous week.
The price of Korean copper strip did not change since the previous week, and Japanese copper cash prices traded sideways also.
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.