Copper inventories have risen to 10-year highs, as global copper prices fall on MetalMiner’s weekly price index.
NYMEX copper prices showed 3-year lows earlier today, while Bloomberg noted that LME copper inventories rose “2 percent to 678,225 metric tons on deliveries in New Orleans, the Belgian port of Antwerp and Johor, Malaysia. Stockpiles have more than doubled this year, with about 47 percent waiting to be delivered.”
This may be a golden opportunity for spot copper buyers – although demand worries are giving everyone something to think about.
See how prices on the LME, in China, the US, Japan and Korea did over the week:
After falling 10.0 percent, Chinese bright copper scrap landed hard, making it the week’s biggest mover on the weekly Copper MMI®. Chinese copper wire prices fell more than $500 per metric ton from a week ago. Chinese copper bar weakened by 4.5 percent. The cash price of Chinese copper fell 4.5 percent over the past week.
This week, the price of US copper producer grade 122 finished after falling 3.1 percent. The price of US copper producer grade 110 declined 3.1 percent also. With a 3.0 percent decrease, the price of US copper producer grade 102 closed the week down.
The Japanese copper cash price fell 1.1 percent over the past week. This was the third week in a row of declining prices. 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.