The week’s biggest mover on the weekly MetalMiner copper index was the price of Chinese copper wire, which saw a 4.8 percent decline. This comes on the heels of a 4.5 percent increase the week before. Chinese bright copper scrap prices ticked up 1.0 percent over the past week. Chinese copper bar traded sideways last week. The cash price of Chinese copper stayed essentially flat. The drops come on the heels of weaker China economic data that continues to negatively impact copper prices
The cash price of primary Japanese copper finished the week down 1.1 percent. The price of US copper producer grade 122 traded sideways last week, hovering just under $4 per pound. Following a steady week, prices for Korean copper strip closed flat. Prices for US copper producer grade 102 closed flat as well as US copper producer grade 110.
The primary copper cash price rose 0.9 percent on the LME to $7,311 per metric ton after falling 0.5 percent during the previous week. The 3-month price of copper rose 0.8 percent on the LME to $7,346 per metric ton after falling 0.5 percent during the previous week.
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.