Copper MMI®: Copper Down, Chinese Investigation and Surplus Looms

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Just as copper was recovering its price got hit with fresh allegations of Chinese double-dealing on it as investment collateral. It’s now projected to be in surplus the rest of this year.

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Goldman Sachs is still bearish on the red metal as well.

Closing at CNY 51,180 ($8,249) per metric ton on the weekly Copper MMI®, Chinese copper bar finished as the week’s biggest mover with a 2.4 percent decline. Following a 2.4 percent drop, the cash price of Chinese copper finished the week at CNY 51,380 ($8,281) per metric ton. Chinese copper wire fell 0.9 percent over the past week to CNY 50,790 ($8,186) per metric ton. Chinese bright copper scrap remained essentially flat from the previous week at CNY 44,300 ($7,140) per metric ton.

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The price of US copper producer grade 122 closed last week at $3.90 per pound, after a 1.3 percent drop. Since last week, the price of the price of US copper producer grade 110 fell to $3.90 per pound after moving 1.3 percent. The price of US copper producer grade 102 fell 1.2 percent last week, settling at $4.09 per pound. With a 0.8 percent decrease, the Japanese copper cash price closed the week at JPY 749,000 ($7,399) per metric ton. Korean copper strip traded sideways last week, hovering around KRW 9,640 ($9.52) per kilogram.

The cash price of primary copper declined to $7,030 per metric ton after drifting 1.1 percent on the LME since last week. The 3-month price of copper fell 0.7 percent on the LME for the week to settle at $7,040 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.

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