Apparently, BHP Billiton sez: “No worries on copper, mate.”
Andrew Mackenzie, BHP’s CEO, “who took control of the Australia-based company in May, said China, the world’s top copper buyer, is in a stage of economic transition,” according to Reuters. “This might not be as bad for copper as had been thought,” Mackenzie is quoted as saying. “I don’t like to comment on prices, but we have to prepare for a copper outlook around the current price, or perhaps a bit lower, that is around $3 per pound,” he said.
The week’s biggest mover on the weekly Copper MMI® was the price of Chinese bright copper scrap, which saw a 6.7 percent increase. This comes on the heels of a 3.7 percent decline the week prior.
The price of Chinese copper bar rose 0.5 percent after falling 0.3 percent during the previous week. The Chinese copper cash price rose 0.5 percent after falling 0.2 percent during the previous week. The price of Chinese copper wire rose 0.4 percent after falling 0.7 percent during the previous week.
The cash price of primary Japanese copper shifted slightly, rising by 2.9 percent. The prices of US copper producer grades 102, 110 and 122 rose 1.0 percent. Korean copper strip remained unchanged for the week.
The primary copper cash price rose 1.1 percent on the LME to $6,927 per metric ton after falling 2.0 percent during the previous week. The copper 3-month price rose 0.9 percent on the LME to $6,948 per metric ton after falling 1.9 percent during the previous week.
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.