Monthly Copper MMI® Falls 3.1% to 93

copper price index

The monthly Copper MMI® registered a value of 93 in April, a decrease of 3.1 percent from 96 in March.

The monthly copper index fell three points to 93, marking a two-month trend. All of the elements that comprise the index fell, including price points from multiple geographies (e.g. China, India, Korea and the US).

“The year-ago Copper MMI® reading of 110 marks a big difference in sentiment, as well as overall manufacturing activity,” said Lisa Reisman, managing editor of MetalMiner. “This month we had a couple of big drags on the copper index reading, including slowing manufacturing activity both in China and the US and some supply glut concerns.”

The only piece of good news that appears to support copper prices involves construction spending.

We note however, that Caterpillar, often a leading bellwether for industrial activity, downsized back in October of last year. Coincidentally, the Copper MMI® (sitting at 100 at that time) has slid since, but had remained in the upper 90s until this month’s reading.

Price Drivers of Copper Index Drop

A 3.9 percent drop over the past month left Chinese bright copper scrap at $7,349 per metric ton. After falling 3.8 percent, the Chinese copper cash price finished the month at $8,957 per metric ton. A 3.8 percent decline for Chinese copper wire left the price at CNY 54,495 ($8,770) per metric ton. On the LME, the 3-month price of copper closed the month at $7,613 per metric ton after dropping 3.2 percent. Following a 3.2 percent decline, the cash price of primary copper reached $7,582 per metric ton on the LME. The price of US copper producer grade 110 fell 3.1 percent to $4.03 per pound. The price of US copper producer grade 102 ended the month at $4.22 per pound, down from $4.35.

Korean copper strip held pat last month at $10.15 per kilogram. Last month was consistent for the cash price of primary Japanese copper, which did not move from $6,867 per metric ton.

The Copper MMI® collects and weights 12 global copper metal price points to provide a unique view into copper price trends over a 30-day period. 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.

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