The week’s biggest mover on the weekly Copper MMI® was the cash price of Japanese copper, which saw a 2.0 percent decline to JPY 723,000 ($7,362) per metric ton. This comes on the heels of a 0.1 percent increase the week before. The price of US copper producer grade 122 declined to $3.92 per pound after drifting 0.5 percent since last week. The price of US copper producer grade 110 fell 0.5 percent for the week to settle at $3.92 per pound. With a 0.5 percent decrease, the price of US copper producer grade 102 closed the week at $4.11 per pound. Korean copper strip prices held steady from the previous week at KRW 11,300 ($10.54) per kilogram.
Chinese copper prices were mixed for the week. After a 0.8 percent decline, Chinese copper bar closed out the week at CNY 53,150 ($8,692) per metric ton. Following a 0.8 percent drop, the cash price of Chinese copper finished the week at CNY 53,350 ($8,724) per metric ton. Chinese bright copper scrap prices ticked up 0.7 percent over the past week to CNY 43,140 ($7,055) per metric ton. Chinese copper wire prices were off slightly at CNY 52,290 ($8,551) per metric ton, down from CNY 52,650 ($8,598) a week ago.
Since last week, the price of the primary copper cash price fell to $7,140 per metric ton on the LME after moving 1.0 percent. The 3-month price of copper fell 0.9 percent last week on the LME, settling at $7,178 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.