Copper MMI®: Chinese Copper Bar Down for Third Straight Week

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Metal Prices, Premium

The week’s biggest mover on the weekly Copper MMI® was the price of Chinese copper bar, which saw a 2.3 percent decline to CNY 49,950 ($8,105) per metric ton. This week marked the third in a row of declining prices for the metal. Closing out the third week of declining prices, the cash price of Chinese copper dropped by 2.2 percent, finishing at CNY 50,150 ($8,138) per metric ton. The price of Chinese copper wire fell 2.1 percent over the past week to CNY 49,030 ($7,956) per metric ton. This was the third week in a row of declining prices. After a 1.0 percent decline, Chinese bright copper scrap closed out the week at CNY 40,050 ($6,499) per metric ton.

The cash price of primary Japanese copper dropped 2.0 percent this week, closing out the third consecutive week of falling prices at JPY 684,000 ($6,944) per metric ton. At $3.72 per pound, the price of US copper producer grade 122 finished the week down 0.3 percent. For the third week in a row, the price of US copper producer grade 110 dropped, falling 0.3 percent to $3.72 per pound. The price of US copper producer grade 102 dropped 0.3 percent this week, closing out the third consecutive week of falling prices at $3.91 per pound. Korean copper strip prices held steady from the previous week at KRW 11,300 ($9.86) per kilogram.

For the third week in a row, the 3-month price of copper dropped, falling 1.5 percent on the LME to $6,731 per metric ton. The cash price of primary copper fell 1.5 percent on the LME over the past week to $6,705 per metric ton. This was the third week in a row of declining prices.

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.