Weekly MMI®: Another Down Week For Copper

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Copper came close to its biggest weekly fall of the year. Chinese supply concerns continued to plague the industrial metal, and a strong dollar didn’t help matters.

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For the third week in a row, the primary copper cash price dropped, falling 2.2 percent on the LME to $6,980 per metric ton. The 3-month price of copper dropped 2.1 percent on the LME this week, closing out the third consecutive week of falling prices at $6,970 per metric ton.

The week’s biggest mover on the weekly Copper MMI® was the Japanese copper cash price, which saw a 2.9 percent decline to JPY 746,000 ($7,304) per metric ton. This comes on the heels of a 2.4 percent increase the week before. For the third week in a row, the price of US copper producer grade 122 dropped, falling 1.0 percent to $3.88 per pound. The price of US copper producer grade 110 fell 1.0 percent over the past week to $3.88 per pound. This was the third week in a row of declining prices. The price of US copper producer grade 102 dropped 1.0 percent this week, closing out the third consecutive week of falling prices at $4.07 per pound. Prices for Korean copper strip remained constant, closing the week at KRW 9,640 ($9.29) per kilogram.

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Chinese copper prices were mixed for the week. Closing out the third week of declining prices, the price of Chinese copper bar dropped by 0.8 percent, finishing at CNY 51,100 ($8,291) per metric ton. At CNY 51,300 ($8,324) per metric ton, the cash price of Chinese copper finished the week down 0.8 percent. At CNY 50,395 ($8,177) per metric ton, the price of Chinese copper wire did not change since the previous week. Closing at CNY 44,300 ($7,188) per metric ton, Chinese bright copper scrap remained unchanged for the week.

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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