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.
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.
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.