Copper had its strongest week in months on the London Metal Exchange as economic data out of China promised better times soon for the construction metal in the world’s biggest building market.
The Federal Reserve refusing to raise interest rates in the near-term at its meetings last Wednesday also helped out copper and precious metals, both of which are used as hedges against a weak dollar.
The week’s biggest mover on the weekly Copper MMI® was the price of Chinese copper wire, which saw a 2.3 percent increase to CNY 49,760 ($7,988) per metric ton. This comes on the heels of a 2.7 percent decline the week prior. The price of Chinese copper bar rose 1.2 percent to CNY 50,620 ($8,126) per metric ton after falling 1.8 percent during the previous week. The cash price of Chinese copper rose 1.2 percent to CNY 50,820 ($8,158) per metric ton after falling 1.8 percent during the previous week. Following a steady week, prices for Chinese bright copper scrap closed flat at CNY 44,300 ($7,111) per metric ton.
The price of US copper producer grade 122 rose 1.6 percent to $3.77 per pound after falling 2.1 percent during the previous week. The price of US copper producer grade 110 rose 1.6 percent to $3.77 per pound after falling 2.1 percent during the previous week. The price of US copper producer grade 102 rose 1.5 percent to $3.96 per pound after falling 2.0 percent during the previous week. The Japanese copper cash price dropped 0.4 percent this week, closing out the third consecutive week of falling prices at JPY 715,000 ($7,015) per metric ton. Prices for Korean copper strip remained constant, closing the week at KRW 9,640 ($9.47) per kilogram.
The copper 3-month price rose 0.8 percent on the LME to $6,723 per metric ton after falling 1.5 percent during the previous week. Also on the LME, the cash price of primary copper traded sideways last week, hovering around $6,730 per metric ton.
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.