Another week of price declines for copper, the most beleaguered of commodities metals, was accentuated by economic data from both China and the US that hindered its liquidity and ability to grow in price even more.
China’s official state stockpiler’s purchase of 200,000 tons of the red metal didn’t bolster the price much, either, in the short-term.
The week’s biggest mover on the weekly Copper MMI® was the price of US copper producer grade 122, which saw a 2.9 percent decline to $3.72 per pound. This comes on the heels of a 2.7 percent increase the week before. The price of US copper producer grade 110 fell 2.9 percent to $3.72 per pound after rising 2.7 percent the week before. Following a 2.6 percent increase in the week prior, the price of US copper producer grade 102 fell 2.7 percent last week to $3.91 per pound. The Japanese copper cash price fell 0.7 percent to JPY 708,000 ($6,922) per metric ton after rising 1.1 percent the week before. Following a steady week, prices for Korean copper strip closed flat at KRW 9,640 ($9.33) per kilogram.
Chinese copper prices were mixed for the week. Following a 4.3 percent increase in the week prior, the price of Chinese copper bar fell 0.4 percent last week to CNY 50,680 ($8,096) per metric ton. The cash price of Chinese copper fell 0.4 percent to CNY 50,880 ($8,128) per metric ton after rising 4.3 percent the week before. Following a 0.2 percent increase, Chinese copper wire finished the week at CNY 49,780 ($7,953) per metric ton. Prices for Chinese bright copper scrap remained constant, closing the week at CNY 44,300 ($7,077) per metric ton.
Following a 1.3 percent increase in the week prior, the 3-month price of copper fell 1.2 percent on the LME last week to $6,641 per metric ton. The cash price of primary copper fell 0.9 percent on the LME to $6,670 per metric ton after rising 1.5 percent the week before.
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.