Copper MMI®: Glencore Reports Bolster Copper

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Glencore PLC gave a bright view of the copper market this week, forecasting strong demand from both China and the West in the second half this week.

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The company also said an expected glut of supply in the market would be tempered by shortages of scrap metal and the risk of disruptions from both new and old mines. Rising US home sales also signaled improving demand.

The week’s biggest mover on the weekly Copper MMI® was the price of Chinese copper bar, which saw a 4.0 percent increase to CNY 52,230 ($8,489) per metric ton. This comes on the heels of a 1.8 percent decline the week prior. The Chinese copper cash price rose 4.0 percent to CNY 52,430 ($8,522) per metric ton after falling 1.8 percent during the previous week. At CNY 50,395 ($8,191) per metric ton, the week finished with no movement for Chinese copper wire. Closing at CNY 44,300 ($7,200) per metric ton, Chinese bright copper scrap remained unchanged for the week.

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The Japanese copper cash price rose 3.0 percent to JPY 762,000 ($7,337) per metric ton after falling 0.8 percent during the previous week. The price of US copper producer grade 122 rose 2.4 percent to $3.88 per pound after falling 2.3 percent during the previous week. The price of US copper producer grade 110 rose 2.4 percent to $3.88 per pound after falling 2.3 percent during the previous week. The price of US copper producer grade 102 rose 2.3 percent to $4.07 per pound after falling 2.2 percent during the previous week. Following a steady week, prices for Korean copper strip closed flat at KRW 9,640 ($9.36) per kilogram.

The cash price of primary copper rose 1.7 percent on the LME to $7,003 per metric ton after falling 1.3 percent during the previous week. The 3-month price of copper rose 1.6 percent on the LME to $6,985 per metric ton after falling 1.4 percent during the previous 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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