Copper MMI®: Small 1.1% Drift for Chinese Copper Bar
Closing at CNY 52,650 ($8,607) per metric ton on the weekly Copper MMI®, Chinese copper bar finished as the week’s biggest mover with a 1.1 percent decline. The cash price of Chinese copper fell 1.1 percent for the week to settle at CNY 52,850 ($8,640) per metric ton. The price of Chinese copper wire declined 1.1 percent over the past week, settling at CNY 51,790 ($8,467) per metric ton. The price of Chinese bright copper scrap rose 0.4 percent this week, closing out the third week at CNY 52,750 ($8,624) per metric ton.
Following a 0.8 percent drop, the price of US copper producer grade 122 finished the week at $3.88 per pound. The price of US copper producer grade 110 saw a 0.8 percent drop this week, closing at $3.88 per pound. The price of US copper producer grade 102 fell 0.7 percent last week, settling at $4.07 per pound. The Japanese copper cash price rose 0.4 percent over the past week to JPY 743,000 ($7,462) per metric ton. This was the third week in a row of increasing prices. At KRW 11,300 ($10.40) per kilogram, the week finished with no movement for Korean copper strip.
The primary copper cash price closed last week at $7,043 per metric ton, after a 0.8 percent drop on the LME. The 3-month price of copper declined to $7,076 per metric ton after drifting 0.8 percent on the LME since last 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.