Copper reached a four-month high last week as investors have returned to the industrial metal after a forgettable first half of the year. Jobs data from the US and news of more stimulus in China helped fuel its rise.
The week’s biggest mover on the weekly Copper MMI® was the price of Chinese copper bar, which saw a 3.2 percent increase to CNY 53,200 ($8,564) per metric ton. This week marked the third in a row of rising prices for the metal. The cash price of Chinese copper rose 3.2 percent over the past week to CNY 53,400 ($8,596) per metric ton. This was the third week in a row of increasing prices. The price of Chinese copper wire rose 3.2 percent this week, closing out the third week at CNY 52,300 ($8,419) per metric ton. Chinese bright copper scrap traded sideways last week, hovering around CNY 44,300 ($7,131) per metric ton.
At JPY 756,000 ($7,397) per metric ton, the cash price of primary Japanese copper finished the week 3.0 percent higher. The price of US copper producer grade 122 rose 2.3 percent this week, closing out the third week at $3.95 per pound. Last week, the price of US copper producer grade 110 shifted slightly, rising by 2.3 percent to close at $3.95 per pound. The price of US copper producer grade 102 shifted up 2.2 percent to close at $4.14 per pound this week. At KRW 9,640 ($9.54) per kilogram, the week finished with no movement for Korean copper strip.
The copper 3-month price rose 3.0 percent on the LME over the past week to $7,118 per metric ton. This was the third week in a row of increasing prices. Closing out the third week of rising prices, the cash price of primary copper increased by 2.7 percent on the LME, landing at $7,121 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.