The week’s biggest mover on the weekly Copper MMI® was the cash price of Japanese copper, which saw a 2.5 percent decline to JPY 711,000 ($7,194) per metric ton. This comes on the heels of a 6.6 percent increase the week before. The price of US copper producer grade 122 rose 0.3 percent over the past week to $3.85 per pound. The price of US copper producer grade 110 settled at $3.85 per pound this week after shifting up 0.3 percent. The price of US copper producer grade 102 rose 0.2 percent over the past week to $4.04 per pound. At KRW 11,300 ($10.05) per kilogram, the week finished with no movement for Korean copper strip.
Chinese copper prices were mixed for the week. Following a 1.7 percent increase, Chinese copper wire finished the week at CNY 51,030 ($8,315) per metric ton. Closing at CNY 51,850 ($8,448) per metric ton for the week, Chinese copper bar rose by a slight 1.4 percent. A 1.4 percent gain landed the cash price of Chinese copper at CNY 52,050 ($8,481) per metric ton. Following a 8.4 percent increase in the week prior, the price of Chinese bright copper scrap fell 0.5 percent last week to CNY 43,210 ($7,040) per metric ton.
The copper 3-month price shifted up 1.3 percent on the LME to close at $7,019 per metric ton this week. Last week, the cash price of primary copper increased by a slight 1.1 percent on the LME to $6,995 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.