The week’s biggest mover on the weekly Copper MMI® was the cash price of Japanese copper, which saw a 2.5 percent decline. This comes on the heels of a 6.6 percent increase the week before.
However, the price of US copper producer grade 122 rose 0.3 percent over the past week.
The price of US copper producer grade 110 also shifted up 0.3 percent. The price of US copper producer grade 102 rose 0.2 percent over the past week. The week finished with no movement for Korean copper strip.
Following a 1.7 percent increase, Chinese copper wire finished the week higher. Chinese copper bar rose by a slight 1.4 percent. A 1.4 percent gain landed the cash price of Chinese copper higher also. Following a 8.4 percent increase in the week prior, the price of Chinese bright copper scrap fell 0.5 percent last week.
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.