Workers at BHP Billiton-controlled Escondida copper mine in Chile accepted an offer, averting a strike, while the scrap price in China skyrocketed.
The biggest mover on MetalMiner’s weekly Copper MMI® by far was the price of Chinese bright copper scrap, which saw a 25.4 percent increase. This comes on the heels of a 5.2 percent decline the week prior.
Meanwhile, Chinese copper imports fell 5.6 percent to 387,564 metric tons in August, down from 410,680 metric tons the month before, according to data from the General Administration of Customs.
More Current Prices
Chinese copper bar prices were off slightly, down about $30 per metric ton from a week ago. Since last week, the price of the cash price of Chinese copper fell 0.4 percent. The price of Chinese copper wire declined 0.3 percent over the past week.
The Japanese copper cash price rose 1.4 percent after falling 1.2 percent during the previous week. This past week, the price of US copper producer grade 122 kept quiet. Following a steady week, prices for Korean copper strip closed flat.
Closing out the third week of declining prices, the cash price of primary copper dropped by 2.0 percent on the LME, finishing at $7,101 per metric ton. For the third week in a row, the copper 3-month price dropped, falling 1.9 percent on the LME to $7,132 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.