After falling 10.0 percent, Chinese bright copper scrap landed at CNY 40,470 ($6,601) per metric ton and making it the week’s biggest mover on the weekly Copper MMI®. Chinese copper wire prices fell to CNY 50,070 ($8,166) per metric ton, down from CNY 53,600 ($8,734) a week ago. Chinese copper bar weakened by 4.5 percent to land at CNY 51,100 ($8,334) per metric ton. The cash price of Chinese copper fell 4.5 percent over the past week, settling at CNY 51,300 ($8,367) per metric ton.
This week, the price of US copper producer grade 122 finished at $3.73 per pound after falling 3.1 percent. The price of US copper producer grade 110 declined 3.1 percent to $3.73 per pound. With a 3.0 percent decrease, the price of US copper producer grade 102 closed the week at $3.92 per pound. The Japanese copper cash price fell 1.1 percent over the past week to JPY 698,000 ($7,192) per metric ton. This was the third week in a row of declining prices. Closing at KRW 11,300 ($9.96) per kilogram, Korean copper strip remained unchanged for the week.
The copper 3-month price fell to $6,835 per metric ton on the LME, a 3.6 percent change from the prior week. The primary copper cash price saw a 3.5 percent drop-off this week on the LME to $6,808 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.