MMG Expects Copper Prices To Hold

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“MMG Ltd expects copper prices to hold around current levels in the medium term, with the market supported by solid growth in demand and new mines ramping up more slowly than projected,” reports Reuters.

“In contrast, MMG expects zinc prices to rise as demand growth is set to outpace supply as several older mines outside China shut down and miners struggle to develop new supply sources.”

“MMG Chief Executive Andrew Michelmore said he sees copper prices holding in the low $7,000 a metric ton range, which is around the current LME 3-month copper price of $7,172 a metric ton (1.1023 tons), or $3.25 a pound.”

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“I don’t see the basis for any wild swing up or down,” he said in an interview for the Reuters Global Commodities Summit. “You had people talking $8,500, $10,000, $12,000. I think that heat has come out of it.”

The price of US copper producer grade 110 saw the biggest decline of the day, dropping 1.3 percent to close on Tuesday, November 5. The price of US copper producer grade 122 fell 1.3 percent. The price of US copper producer grade 102 saw a 1.2 percent decline. The cash price of primary Japanese copper declined 0.9 percent.

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Chinese copper prices were mixed for the day. Chinese copper bar prices saw a 0.5 percent decline. The Chinese copper cash price weakened by 0.5 percent. The price of Chinese copper wire remained steady. The price of Chinese bright copper scrap showed little movement yesterday.

The cash price of primary copper saw a 1.0 percent decline on the LME to $7,180 per metric ton. Also on the LME, the 3-month price of copper fell 1.0 percent to $7,190 per metric ton.