The week’s biggest mover on the weekly Copper MMI® was the copper 3-month price, which saw a 0.5 percent increase on the LME to $8,212 per metric ton. This week marked the third in a row of rising prices for the metal. Closing out the third week of rising prices, the primary copper cash price increased by 0.5 percent on the LME, landing at $8,252 per metric ton.
Chinese copper prices were mixed for the week. At CNY 58,950 ($9,456) per metric ton, the price of Chinese copper wire finished the week 0.5 percent higher. The price of Chinese copper bar rose 0.2 percent this week, closing out the third week at CNY 59,600 ($9,561) per metric ton. The cash price of Chinese copper rose 0.2 percent over the past week to CNY 59,800 ($9,593) per metric ton. This was the third week in a row of increasing prices. Chinese bright copper scrap traded sideways last week, hovering around CNY 48,760 ($7,822) per metric ton.
Closing out the third week of rising prices, the price of US copper producer grade 122 increased by 0.2 percent, landing at $4.37 per pound. At $4.37 per pound, the price of US copper producer grade 110 finished the week 0.2 percent higher. The price of US copper producer grade 102 rose 0.2 percent this week, closing out the third week at $4.56 per pound. Following a steady week, prices for Korean copper strip closed flat at KRW 11,300 ($10.36) per kilogram. The Japanese copper cash price stayed essentially flat at JPY 640,000 ($6,834) per metric ton.
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.