The week’s biggest mover on the weekly Copper MMI® was the Japanese copper cash price, which saw a 5.7 percent decline to JPY 706,000 ($7,385) per metric ton. This week marked the third in a row of declining prices for the metal. The price of US copper producer grade 122 fell 3.3 percent over the past week, settling at $3.85 per pound. The price of US copper producer grade 110 saw a 3.3 percent drop-off this week to $3.85 per pound. This week, the price of US copper producer grade 102 finished at $4.04 per pound after falling 3.1 percent. Closing at KRW 11,300 ($10.01) per kilogram, Korean copper strip remained unchanged for the week.
Chinese copper prices were mixed for the week. The price of Chinese copper bar declined 1.8 percent over the past week, settling at CNY 53,500 ($8,718) per metric ton. The Chinese copper cash price closed last week at CNY 53,700 ($8,750) per metric ton, after a 1.8 percent drop. Following a steady week, prices for Chinese copper wire closed flat at CNY 53,600 ($8,734) per metric ton. Prices for Chinese bright copper scrap remained constant, closing the week at CNY 44,980 ($7,329) per metric ton.
Following a 0.9 percent increase in the week prior, the primary copper cash price fell 3.5 percent on the LME last week to $7,057 per metric ton. The copper 3-month price fell 3.4 percent on the LME to $7,093 per metric ton after rising 0.8 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.