The week in copper mirrors the entire year. Chinese monetary easing bolstered copper’s price and helped it out of the rut it’s been in for most of the year, yet European economic reports weakened it as the week closed. There is still weak demand for the industrial metal and no sign of production balance this year.
The week’s biggest mover on the weekly Copper MMI® was the price of Chinese copper wire, which saw a 2.0 percent decline to CNY 51,270 ($8,266) per metric ton. This comes on the heels of a 3.2 percent increase the week before. The price of Chinese copper bar fell 1.4 percent to CNY 52,450 ($8,456) per metric ton after rising 3.2 percent the week before. Following a 3.2 percent increase in the week prior, the cash price of Chinese copper fell 1.4 percent last week to CNY 52,650 ($8,488) per metric ton. At CNY 44,300 ($7,142) per metric ton, the price of Chinese bright copper scrap did not change since the previous week.
The cash price of primary Japanese copper fell 0.1 percent to JPY 755,000 ($7,453) per metric ton after rising 3.0 percent the week before. The price of US copper producer grade 122 stayed essentially flat at $3.95 per pound. Korean copper strip prices held steady from the previous week at KRW 9,640 ($9.52) per kilogram. Following a steady week, prices for the price of US copper producer grade 102 closed flat at $4.14 per pound. This past week, the price of US copper producer grade 110 kept quiet, holding at at $3.95 per pound.
Following a 3.0 percent increase in the week prior, the copper 3-month price fell 0.4 percent on the LME last week to $7,090 per metric ton. The cash price of primary copper fell 0.2 percent on the LME to $7,109 per metric ton after rising 2.7 percent the week before.
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.