Looks like concerns about copper falling further based on China’s lower GDP growth forecasts are coming true – at least for certain types of the red metal.
The biggest mover on MetalMiner’s weekly Copper MMI® was the price of Chinese bright copper scrap, which saw a 5.7 percent decline. This comes on the heels of a 6.7 percent increase the week before.
The price of Chinese copper bar fell 0.2 percent after rising 0.5 percent the week before. Following a 0.5 percent increase in the week prior, the cash price of Chinese copper fell 0.2 percent last week. Chinese copper wire remained unchanged for the week.
The cash price of primary Japanese copper fell 4.6 percent after rising 2.9 percent the week before. Following a 1.0 percent increase in the week prior, the prices of US copper producer grade 102, 110 and 122 fell 0.5 percent last week. Following a steady week, prices for Korean copper strip closed flat.
Closing out the third week of rising prices, the primary copper cash price increased by 1.0 percent on the LME, landing at $6,998 per metric ton. The copper 3-month price rose 0.8 percent on the LME this week, closing out the third week at $7,005 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.