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.
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.