Chinese bright copper scrap dropped, making it the biggest mover on the weekly Copper MMI® by drifting 3.7 percent.
The price of Chinese copper wire fell 0.7 percent after rising 1.7 percent the week before. Following a 1.4 percent increase in the week prior, the price of Chinese copper bar fell 0.3 percent last week. The cash price of Chinese copper fell 0.2 percent after rising 1.4 percent the week before.
Following a 0.3 percent increase in the week prior, the price of US copper producer grade 122 fell 1.0 percent last week – same for grades 102 and 110. The cash price of primary Japanese copper rose 0.8 percent after falling 2.5 percent during the previous week. Korean copper strip remained unchanged for the week.
The cash price of primary copper fell 2.0 percent on the LME to $6,855 per metric ton after rising 1.1 percent the week before. Following a 1.3 percent increase in the week prior, the 3-month price of copper fell 1.9 percent on the LME last week to $6,885 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.