After falling 4.5 percent, the copper 3-month price landed at $7,846 per metric ton on the LME, making it the week’s biggest mover on the weekly Copper MMI®. Also on the LME, the primary copper cash price declined 4.4 percent to $7,852 per metric ton.
Chinese copper prices were down for the week. Chinese bright copper scrap dropped 3.2 percent over the past week. Closing out the third week of declining prices, the price of Chinese copper wire dropped by 3.2 percent as well.
For the third week in a row, the price of Chinese copper bar also dropped 3.2 percent, as did the Chinese copper cash price.
The price of US copper producer grades 110 and 122 fell 3.9 percent over the past week. US copper producer grade 102’s price fell 3.7 percent, the third week in a row of declining producer prices.
Korean copper strip traded sideways last week, and the Japanese copper cash price remained unchanged.
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.