As some analysts put it, will the copper market become a supply story once again?
Reuters reported that “Indonesia has told Freeport McMoRan Copper and Gold Inc it cannot resume production at its huge copper mine until the result of an investigation into an accident is complete, a government official said on Saturday, adding to doubt about how long the company can supply the metal.”
One official is quoted as saying the investigation is expected to take two months. Oy.
Weekly Copper Price Trends:
The biggest mover on the weekly Copper MMI® was the Japanese copper cash price, which saw a 5.0 percent decline. This comes on the heels of a 5.0 percent increase the week before.
Last week, the price of US copper producer grade 122 increased by a slight 0.5 percent. The price of US copper producer grade 110 shifted up 0.5 percent. The price of US copper producer grade 102 ticked up 0.5 percent over the past week as well. The price of Korean copper strip did not change since the previous week.
Chinese copper prices were mixed for the week. Chinese copper wire rose 4.5 percent over the past week. Following a 1.0 percent increase in the week prior, the price of Chinese copper bar fell 0.5 percent last week. The Chinese copper cash price fell 0.5 percent after rising 1.0 percent the week before. Prices for Chinese bright copper scrap remained constant.
Following a 2.7 percent increase in the week prior, the cash price of primary copper fell 0.5 percent on the LME last week to $7,245 per metric ton. The copper 3-month price fell 0.5 percent on the LME to $7,285 per metric ton after rising 2.7 percent the week before.
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.