The week’s biggest mover on the weekly Copper MMI® was the cash price of primary copper, which saw a 0.7 percent decline on the LME to $8,197 per metric ton. This comes on the heels of a 0.5 percent increase the week before. Also on the LME, a 0.3 percent gain landed the 3-month price of copper at $8,234 per metric ton.
Chinese copper prices were flat for the week. At CNY 59,600 ($9,561) per metric ton, the price of Chinese copper bar did not change since the previous week. Closing at CNY 59,800 ($9,593) per metric ton, the cash price of Chinese copper remained unchanged for the week. At CNY 58,950 ($9,457) per metric ton, the week finished with no movement for Chinese copper wire. Chinese bright copper scrap prices held steady from the previous week at CNY 48,760 ($7,822) per metric ton.
Following a 0.2 percent increase in the week prior, the price of US copper producer grade 122 fell 0.2 percent last week to $4.36 per pound. The price of US copper producer grade 110 fell 0.2 percent to $4.36 per pound after rising 0.2 percent the week before. Following a 0.2 percent increase in the week prior, the price of US copper producer grade 102 fell 0.2 percent last week to $4.55 per pound. Korean copper strip remained essentially flat from the previous week at KRW 11,300 ($10.41) per kilogram. The Japanese copper cash price closed at JPY 640,000 ($6,884) per metric ton after a flat 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.