Copper fell again on the LME this week as more negative news buffeted the metal that’s lost nearly a quarter of its value since the beginning of the year. Goldman-Sachs warned that further losses are coming this year. Copper’s bad outlook is now eroding the value of nations whose main exports are it, as well. Zambia’s kwacha reached a new low against the US dollar this week thanks, in part, to copper’s slide.
The week’s biggest mover on the weekly Copper MMI® was the price of Chinese copper wire, which saw a 1.7 percent decline to CNY 48,950 ($7,860) per metric ton. This comes on the heels of a 0.2 percent increase the week before. Chinese copper bar prices were off slightly at CNY 50,250 ($8,069) per metric ton, down from CNY 50,680 ($8,096) a week ago. With a 0.8 percent decrease, the cash price of Chinese copper closed the week at CNY 50,450 ($8,101) per metric ton. Chinese bright copper scrap remained essentially flat from the previous week at CNY 44,300 ($7,113) per metric ton.
The price of US copper producer grade 122 rose 1.6 percent to $3.78 per pound after falling 2.9 percent during the previous week. The price of US copper producer grade 110 rose 1.6 percent to $3.78 per pound after falling 2.9 percent during the previous week. The price of US copper producer grade 102 rose 1.5 percent to $3.97 per pound after falling 2.7 percent during the previous week. The cash price of primary Japanese copper rose 0.1 percent to JPY 709,000 ($6,979) per metric ton after falling 0.7 percent during the previous week. Korean copper strip traded sideways last week, hovering around KRW 9,640 ($9.43) per kilogram.
The cash price of primary copper rose 0.3 percent on the LME to $6,690 per metric ton after falling 0.9 percent during the previous week. The 3-month price of copper rose 0.2 percent on the LME to $6,657 per metric ton after falling 1.2 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.