The week’s biggest mover on the weekly Copper MMI® was the price of Chinese bright copper scrap, which saw a 25.4 percent increase to CNY 52,550 ($8,586) per metric ton. This comes on the heels of a 5.2 percent decline the week prior. Chinese copper bar prices were off slightly at CNY 53,220 ($8,696) per metric ton, down from CNY 53,440 ($8,728) a week ago. Since last week, the price of the cash price of Chinese copper fell to CNY 53,420 ($8,729) per metric ton after moving 0.4 percent. The price of Chinese copper wire declined 0.3 percent over the past week, settling at CNY 52,340 ($8,552) per metric ton.
The Japanese copper cash price rose 1.4 percent to JPY 740,000 ($7,390) per metric ton after falling 1.2 percent during the previous week. This past week, the price of US copper producer grade 122 kept quiet, holding at at $3.91 per pound. Following a steady week, prices for Korean copper strip closed flat at KRW 11,300 ($10.32) per kilogram. At $4.10 per pound, the price of US copper producer grade 102 remained essentially flat. The price of US copper producer grade 110 traded sideways last week, hovering around $3.91 per pound.
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.