The week’s biggest mover on the weekly Copper MMI® was Chinese copper wire, which saw a 0.5 percent increase to CNY 57,315 ($9,174) per metric ton. Chinese copper bar saw its price rise 0.4 percent over the past week to CNY 58,160 ($9,309) per metric ton. The cash price of Chinese copper settled at CNY 58,360 ($9,341) per metric ton this week after shifting up 0.4 percent. Chinese bright copper scrap traded sideways last week, hovering around CNY 48,400 ($7,747) per metric ton.
The price of US copper producer grade 122 rose 0.5 percent over the past week to $4.28 per pound. This was the third week in a row of increasing prices. Closing out the third week of rising prices, the price of US copper producer grade 110 increased by 0.5 percent, landing at $4.28 per pound. Closing at $4.47 per pound, the price of US copper producer grade 102 remained unchanged for the week. Korean copper strip remained essentially flat from the previous week at KRW 11,300 ($10.50) per kilogram. The cash price of primary Japanese copper stayed essentially flat at JPY 640,000 ($7,649) per metric ton.
Following a 2.0 percent increase in the week prior, the cash price of primary copper fell 0.2 percent on the LME last week to $8,000 per metric ton. The copper 3-month price fell 0.2 percent on the LME to $8,030 per metric ton after rising 2.5 percent the week before.
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.