The week’s biggest mover on the weekly Copper MMI® was the cash price of Japanese copper, which saw a 2.0 percent increase to JPY 750,000 ($7,331) per metric ton. This week marked the third in a row of rising prices for the metal. Last week, the price of US copper producer grade 122 shifted slightly, rising by 0.3 percent to close at $3.90 per pound. The price of US copper producer grade 110 shifted up 0.3 percent to close at $3.90 per pound this week. A 0.2 percent gain landed the price of US copper producer grade 102 at $4.09 per pound. Prices for Korean copper strip remained constant, closing the week at KRW 11,300 ($10.65) per kilogram.
Chinese copper prices were mixed for the week. Following a 0.9 percent increase, Chinese bright copper scrap finished the week at CNY 43,600 ($7,158) per metric ton. The price of Chinese copper wire fell 0.6 percent to CNY 50,725 ($8,327) per metric ton after rising 0.6 percent the week before. Chinese copper bar prices were off slightly at CNY 51,720 ($8,491) per metric ton, down from CNY 51,850 ($8,508) a week ago. The cash price of Chinese copper declined to CNY 51,920 ($8,523) per metric ton after drifting 0.2 percent since last week.
Following a steady week, prices for on the LME the cash price of primary copper closed flat at $6,987 per metric ton. Also on the LME, the 3-month price of copper traded sideways last week, hovering around $6,994 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.