The week’s biggest mover on the weekly Copper MMI® was the price of Chinese bright copper scrap, which saw a 2.9 percent decline to CNY 47,430 ($7,621) per metric ton. This comes on the heels of a 0.2 percent increase the week before. Chinese copper wire saw a 1.0 percent decline over the past week to CNY 56,630 ($9,100) per metric ton. Closing out the third week of declining prices, the price of Chinese copper bar dropped by 1.0 percent, finishing at CNY 57,550 ($9,247) per metric ton. At CNY 57,750 ($9,280) per metric ton, the cash price of Chinese copper finished the week down 1.0 percent.
For the third week in a row, the price of US copper producer grade 122 dropped, falling 0.7 percent to $4.16 per pound. The price of US copper producer grade 110 dropped 0.7 percent this week, closing out the third consecutive week of falling prices at $4.16 per pound. The price of US copper producer grade 102 fell 0.7 percent over the past week to $4.35 per pound. This was the third week in a row of declining prices. At KRW 11,300 ($10.42) per kilogram, the week finished with no movement for Korean copper strip. At JPY 640,000 ($6,912) per metric ton, the Japanese copper cash price remained essentially flat.
At $7,830 per metric ton, the cash price of primary copper finished the week down 0.2 percent on the LME. Closing out the third week of declining prices, the 3-month price of copper dropped by 0.1 percent on the LME, finishing at $7,864 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.