The biggest mover this week on the LME was the copper cash price with a 3.2 percent fall on the weekly Copper MMI® to close the week at $7,336 per metric ton. The 3-month price of copper fell 3.2 percent on the LME over the past week to $7,373 per metric ton. This was the fourth week in a row of declining prices.
Chinese copper prices were mixed for the week. At CNY 54,775 ($8,829) per metric ton, the price of Chinese copper wire finished the week down 0.8 percent. For the third week in a row, the price of Chinese copper bar dropped, falling 0.7 percent to CNY 55,780 ($8,991) per metric ton. Closing out the third week of declining prices, the Chinese copper cash price dropped by 0.7 percent, finishing at CNY 55,980 ($9,024) per metric ton. Chinese bright copper scrap traded sideways last week, hovering around CNY 47,460 ($7,650) per metric ton.
Following a 0.2 percent increase in the week prior, the price of US copper producer grade 122 fell 2.2 percent last week to $3.98 per pound. The price of US copper producer grade 110 fell 2.2 percent to $3.98 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 2.1 percent last week to $4.17 per pound. Following a steady week, prices for Korean copper strip closed flat at KRW 11,300 ($10.10) per kilogram. This past week, the Japanese copper cash price kept quiet, holding at at JPY 640,000 ($6,638) 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.