A Strong Week Means Copper’s Bull Might Be Waking Up

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As copper had an uncharacteristic strong week on the MMI, some analysts are pointing to a possible strong second half for the beleaguered red metal. Seeking Alpha points out that LME warehouse supplies of copper are at their lowest level since 2008, China has made a vocal pledge to revise its financial markets and Federal Reserve Chief Janet Yellen has hinted towards US economic growth acceleration this year, which could help drive copper futures price higher.

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The week’s biggest mover on the weekly Copper MMI® was the Japanese copper cash price, which saw a 4.1 percent increase to JPY 738,000 ($7,271) per metric ton. Last week marked the fourth in a row of rising prices for the metal. The price of US copper producer grade 122 rose 2.1 percent over the past week to $3.86 per pound. Last week, the price of US copper producer grade 110 increased by a slight 2.1 percent to $3.86 per pound. Last week, the price of US copper producer grade 102 shifted slightly, rising by 2.0 percent to close at $4.05 per pound. Korean copper strip traded sideways last week, hovering around KRW 9,640 ($9.37) per kilogram.

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Chinese copper prices were mixed for the week. The price of Chinese copper wire rose 3.3 percent to CNY 50,580 ($8,118) per metric ton after falling 1.7 percent during the previous week. The price of Chinese copper bar rose 2.3 percent to CNY 51,400 ($8,250) per metric ton after falling 0.8 percent during the previous week. The Chinese copper cash price rose 2.3 percent to CNY 51,600 ($8,282) per metric ton after falling 0.8 percent during the previous week. Chinese bright copper scrap prices held steady from the previous week at CNY 44,300 ($7,110) per metric ton.

The primary copper cash price rose 3.9 percent on the LME over the past week to $6,949 per metric ton. This was the third week in a row of increasing prices. At $6,886 per metric ton, the 3-month price of copper finished the week 3.4 percent higher on the LME.

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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