The week’s biggest mover on the weekly Copper MMI® was the copper 3-month price, which saw a 4.4 percent decline on the LME to $7,874 per metric ton. This comes on the heels of a 0.3 percent increase the week before. The primary copper cash price fell 4.3 percent on the LME over the past week, settling at $7,847 per metric ton.
Chinese copper prices were mixed for the week. Chinese copper wire saw a 2.9 percent decline over the past week to CNY 57,230 ($9,171) per metric ton. The price of Chinese copper bar declined 2.5 percent over the past week, settling at CNY 58,120 ($9,314) per metric ton. With a 2.5 percent decrease, the cash price of Chinese copper closed the week at CNY 58,320 ($9,346) per metric ton. Chinese bright copper scrap prices ticked up 0.2 percent over the past week to CNY 48,850 ($7,828) per metric ton.
The price of US copper producer grade 122 fell to $4.19 per pound, a 3.9 percent change from the prior week. The price of US copper producer grade 110 declined 3.9 percent to $4.19 per pound. The price of US copper producer grade 102 saw a 3.7 percent drop-off this week to $4.38 per pound. Prices for Korean copper strip remained constant, closing the week at KRW 11,300 ($10.40) per kilogram. At JPY 640,000 ($6,870) per metric ton, the Japanese copper cash price remained essentially flat.
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.