Copper rose more than 1 percent today, after its biggest monthly gain this year in May, helped by dwindling stocks, seasonal buying interest in top consumer China, and positive Chinese factory data, according to the Business Recorder.
China’s manufacturing activity expanded at the fastest pace in five months in May after Beijing provided more stimulus, reinforcing views that the world’s second-largest economy is regaining momentum after a shaky start of the year.
LME inventory copper levels have also been getting low recently also helping the formerly struggling metal.
The week’s biggest mover on the weekly Copper MMI® was the cash price of Japanese copper, which saw a 2.5 percent increase to JPY 745,000 ($7,323) per metric ton. This comes on the heels of a 1.5 percent decline the week prior. The price of US copper producer grade 122 traded sideways last week, hovering around $3.85 per pound. At KRW 9,640 ($9.45) per kilogram, the week finished with no movement for Korean copper strip. Closing at $4.04 per pound, the price of US copper producer grade 102 remained unchanged for the week. This past week, the price of US copper producer grade 110 kept quiet, holding at at $3.85 per pound.
Chinese copper prices were mixed for the week. Chinese copper bar prices were off slightly at CNY 50,570 ($8,107) per metric ton, down from CNY 50,830 ($8,151) a week ago. With a 0.5 percent decrease, the Chinese copper cash price closed the week at CNY 50,770 ($8,139) per metric ton. Chinese copper wire saw a 0.4 percent decline over the past week to CNY 49,745 ($7,975) per metric ton. At CNY 44,300 ($7,102) per metric ton, the price of Chinese bright copper scrap did not change since the previous week.
Last week, the primary copper cash price increased by a slight 1.2 percent on the LME to $7,030 per metric ton. The copper 3-month price rose 1.0 percent on the LME to $6,940 per metric ton after falling 0.2 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.
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