Copper MMI®: Copper Advances This Week, Freeport McMoRan Still Investing

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Copper is showing some life, but is still the laggard of industrial metals. Freeport McMoRan is still bullish on the red metal, anyway, investing millions in its US operations.

FREE Download: The Monthly MMI® Report – covering the Copper market.

While the low prices have not been a boon to sellers, Memphis-based construction supplier Mueller has been able to increase its net income more than 37 percent this quarter thanks to its buyers stockpiling the metal at low prices.

The week’s biggest mover on the weekly Copper MMI® was the cash price of primary copper, which saw a 1.7 percent increase on the LME to $7,150 per metric ton. This comes on the heels of a 1.1 percent decline the week prior. The 3-month price of copper rose 1.4 percent on the LME to $7,140 per metric ton after falling 0.7 percent during the previous week.

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Chinese copper prices were mixed for the week. The price of Chinese copper bar rose 0.9 percent to CNY 51,660 ($8,339) per metric ton after falling 2.4 percent during the previous week. The cash price of Chinese copper rose 0.9 percent to CNY 51,860 ($8,372) per metric ton after falling 2.4 percent during the previous week. At CNY 50,790 ($8,199) per metric ton, the price of Chinese copper wire did not change since the previous week. Chinese bright copper scrap prices held steady from the previous week at CNY 44,300 ($7,151) per metric ton.

The price of US copper producer grade 122 rose 1.3 percent to $3.95 per pound after falling 1.3 percent during the previous week. The price of US copper producer grade 110 rose 1.3 percent to $3.95 per pound after falling 1.3 percent during the previous week. The price of US copper producer grade 102 rose 1.2 percent to $4.14 per pound after falling 1.2 percent during the previous week. The Japanese copper cash price rose 0.1 percent to JPY 750,000 ($7,369) per metric ton after falling 0.8 percent during the previous week. At KRW 9,640 ($9.36) per kilogram, the week finished with no movement for Korean copper strip.

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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