After drifting 4.2 percent, Chinese bright copper scrap dropped to CNY 42,730 ($7,047) per metric ton making it the biggest mover on the weekly Copper MMI® this week. The price of Chinese copper bar rose 1.4 percent to CNY 52,800 ($8,707) per metric ton after falling 0.2 percent during the previous week. The Chinese copper cash price rose 1.4 percent to CNY 53,000 ($8,740) per metric ton after falling 0.2 percent during the previous week. Closing at CNY 51,860 ($8,552) per metric ton for the week, Chinese copper wire rose by a slight 1.3 percent.
Closing out the third week of rising prices, the cash price of primary Japanese copper increased by 0.3 percent, landing at JPY 795,000 ($7,578) per metric ton. Closing at $4.04 per pound, the price of US copper producer grade 122 remained unchanged for the week. At KRW 11,300 ($10.67) per kilogram, the price of Korean copper strip did not change since the previous week. The price of US copper producer grade 102 stayed essentially flat at $4.23 per pound. Following a steady week, prices for the price of US copper producer grade 110 closed flat at $4.04 per pound.
The cash price of primary copper rose 0.8 percent on the LME to $7,278 per metric ton after falling 0.2 percent during the previous week. The 3-month price of copper rose 0.8 percent on the LME over the past week to $7,271 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.