Closing at CNY 44,600 ($7,320) per metric ton on the weekly Copper MMI®, Chinese bright copper scrap rose 2.3 percent to finish as the week’s biggest mover. The price of Chinese copper wire rose 0.5 percent to CNY 50,975 ($8,366) per metric ton after falling 0.6 percent during the previous week. Chinese copper bar traded sideways last week, hovering around CNY 51,730 ($8,490) per metric ton. The cash price of Chinese copper stayed essentially flat at CNY 51,930 ($8,523) per metric ton.
The price of US copper producer grade 122 ticked up 1.5 percent over the past week to $3.96 per pound. Last week, the price of US copper producer grade 110 increased by a slight 1.5 percent to $3.96 per pound. The price of US copper producer grade 102 rose 1.5 percent over the past week to $4.15 per pound. The Japanese copper cash price settled at JPY 760,000 ($7,470) per metric ton this week after shifting up 1.3 percent. Following a steady week, prices for Korean copper strip closed flat at KRW 11,300 ($10.64) per kilogram.
The primary copper cash price rose 1.3 percent on the LME over the past week to $7,081 per metric ton. The copper 3-month price shifted up 1.3 percent on the LME to close at $7,085 per metric ton this 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.