Copper Up on LME This Week, Chinese Economy Still a Factor

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Copper continues to be heavily pressure by the Chinese economy, warehousing of the metal as an investment in Shanghai and oversupply in the construction sector.

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US economic data that was largely promising and signs that China will step in to support its cooling economy this week helped the price of struggling copper, at least momentarily. A CRU report delved into the oversupply issue and discovered that previous estimates of how much supply is in the market were even too conservative.

With a 2.5 percent increase over the past week, Chinese copper wire was the biggest mover on the weekly Copper MMI®. In the past week, Chinese copper bar saw its price shift up 2.5 percent to CNY 47,420 ($7,632) per metric ton. The cash price of Chinese copper ticked up 2.5 percent over the past week to CNY 47,620 ($7,664) per metric ton. At CNY 44,300 ($7,130) per metric ton, the week finished with no movement for Chinese bright copper scrap.

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The price of US copper producer grade 122 rose 1.6 percent to $3.73 per pound after falling 0.5 percent during the previous week. The price of US copper producer grade 110 rose 1.6 percent to $3.73 per pound after falling 0.5 percent during the previous week. The price of US copper producer grade 102 rose 1.6 percent to $3.92 per pound after falling 0.5 percent during the previous week. The Japanese copper cash price rose 0.6 percent to JPY 691,000 ($6,764) per metric ton after falling 1.7 percent during the previous week. Closing at KRW 11,300 ($10.51) per kilogram, Korean copper strip remained unchanged for the week.

FREE Download: The Monthly MMI® Report – covering the Copper market.

The copper 3-month price rose 1.9 percent on the LME to $6,550 per metric ton after falling 0.5 percent during the previous week. The cash price of primary copper rose 1.9 percent on the LME to $6,555 per metric ton after falling 0.9 percent during the previous 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.

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