Copper MMI®: Tough Week as Copper Hits 8-Week Low

by on

Copper took a price beating last week as economic data from the US and China pushed it to new lows on the COMEX and the LME.

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

Lord Copper, Michael Farmer, granted an interview last week to Reuters. Here are five things we took away from the visit by copper royalty.

The biggest mover this week was US copper producer grade 122 price with a 2.3 percent fall on the weekly Copper MMI® to close the week at $3.79 per pound. The price of US copper producer grade 110 fell 2.3 percent for the week to settle at $3.79 per pound. Since last week, the price of the price of US copper producer grade 102 fell to $3.98 per pound after moving 2.2 percent. The cash price of primary Japanese copper closed last week at JPY 740,000 ($7,219) per metric ton, after a 0.8 percent drop. Korean copper strip traded sideways last week, hovering around KRW 9,640 ($9.36) per kilogram.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese copper prices were mixed for the week. Chinese copper bar fell 1.8 percent over the past week to CNY 50,200 ($8,159) per metric ton. The cash price of Chinese copper saw a 1.8 percent drop this week, closing at CNY 50,400 ($8,191) per metric ton. At CNY 50,395 ($8,190) 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 ($7,200) per metric ton.

Following a 1.4 percent drop on the LME, the copper 3-month price finished the week at $6,873 per metric ton. With a 1.3 percent decrease on the LME, the cash price of primary copper closed the week at $6,886 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.

{Comments Off on Copper MMI®: Tough Week as Copper Hits 8-Week Low Comments Off on Copper MMI®: Tough Week as Copper Hits 8-Week Low}