The week’s biggest mover on the weekly Copper MMI® was the price of US copper producer grade 122, which saw a 0.8 percent decline to $3.94 per pound. Last week marked the fourth in a row of declining prices for the metal. The price of US copper producer grade 110 fell 0.8 percent over the past week to $3.94 per pound. This was the fourth week in a row of declining prices. The price of US copper producer grade 102 fell 0.7 percent over the past week to $4.13 per pound. This was the fourth week in a row of declining prices. The Japanese copper cash price rose 0.1 percent to JPY 738,000 ($7,587) per metric ton after falling 1.1 percent during the previous week. Korean copper strip prices held steady from the previous week at KRW 11,300 ($10.54) per kilogram.
Chinese copper prices were flat for the week. At CNY 53,600 ($8,753) per metric ton, the price of Chinese copper bar did not change since the previous week. This past week, the Chinese copper cash price kept quiet, holding at at CNY 53,800 ($8,786) per metric ton. Prices for Chinese copper wire remained constant, closing the week at CNY 52,650 ($8,598) per metric ton. Closing at CNY 42,830 ($6,994) per metric ton, Chinese bright copper scrap remained unchanged for the week.
On the LME, the cash price of primary copper traded sideways last week, hovering around $7,215 per metric ton. Also on the LME, the 3-month price of copper closed at $7,245 per metric ton after a flat 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.