Closing at $8,140 per metric ton on the LME, a 3.4 percent increase made the 3-month price of copper the week’s biggest mover on the weekly Copper MMI®. Also on the LME, the primary copper cash price spiked 3.4 percent last week to $8,166 per metric ton.
Prices for Chinese copper were up for the week. Following a 1.3 percent increase, Chinese copper bar finished the week at CNY 58,450 ($9,377) per metric ton. The cash price of Chinese copper rose 1.3 percent over the past week to CNY 58,650 ($9,409) per metric ton. Chinese copper wire prices ticked up 1.1 percent over the past week to CNY 57,495 ($9,224) per metric ton. The price of Chinese bright copper scrap rose 0.4 percent to CNY 48,100 ($7,716) per metric ton after falling 1.0 percent during the previous week.
The price of US copper producer grade 102 rose 1.1 percent to $4.40 per pound after falling 1.6 percent during the previous week. The price of US copper producer grade 122 fell 0.2 percent over the past week to $4.21 per pound. This was the third week in a row of declining prices. At $4.21 per pound, the price of US copper producer grade 110 finished the week down 0.2 percent. Prices for Korean copper strip remained constant, closing the week at KRW 11,300 ($10.63) per kilogram. Closing at JPY 640,000 ($7,294) per metric ton, the Japanese copper cash price remained unchanged for the 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.