Freeport-McMoRan Copper & Gold Inc. said on Friday that “it will use London Metal Exchange pricing data for some $200 million worth of annual cobalt sales, shifting from a published benchmark that has been an industry standard for decades,” reports Reuters.
“Freeport said it will turn to LME-based pricing for cobalt and cobalt hydroxide supply contracts from Jan. 1 2014, instead of Metal Bulletin, which assesses benchmark prices for global metals twice a week.”
The week’s biggest mover on the weekly Copper MMI® was the Japanese copper cash price, which saw a 2.4 percent decline. This comes on the heels of a 3.5 percent increase the week before. The price of US copper producer grade 122 fell 0.5 percent after rising 1.5 percent the week before. Following a 1.5 percent increase in the week prior, the price of US copper producer grade 110 fell 0.5 percent last week. The price of US copper producer grade 102 fell 0.5 percent after rising 1.5 percent the week before. Following a steady week, prices for Korean copper strip closed flat.
Chinese copper prices were mixed for the week. Following a 0.3 percent increase in the week prior, the price of Chinese copper wire fell 1.1 percent last week. The price of Chinese copper bar fell 1.0 percent after rising 0.2 percent the week before. Following a 0.2 percent increase in the week prior, the cash price of Chinese copper fell 1.0 percent last week. Following a 0.8 percent increase, Chinese bright copper scrap finished the week.
The copper 3-month price fell 0.5 percent on the LME to $7,171 per metric ton after rising 0.4 percent the week before. Following a 0.4 percent increase in the week prior, the cash price of primary copper fell 0.2 percent on the LME last week to $7,160 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.