It wasn’t a good week for Copper on the LME as the red metal recorded its biggest weekly drop in nearly two months. Factory and economic data from China were the main culprits for this week’s losses, but a poor jobs report from the US and Japanese production got into the act this week, too.
The Job of industrial metals did get some good news in an economic report from Reuters and the University of Michigan that showed US consumer confidence gaining.
The week’s biggest mover on the weekly Copper MMI® was the price of Chinese copper bar, which saw a 2.4 percent decline to CNY 50,170 ($8,185) per metric ton. This comes on the heels of a 0.5 percent increase the week before. The Chinese copper cash price fell 2.4 percent to CNY 50,370 ($8,218) per metric ton after rising 0.5 percent the week before. Closing at CNY 50,395 ($8,222) per metric ton, Chinese copper wire remained unchanged for the week. Chinese bright copper scrap traded sideways last week, hovering around CNY 44,300 ($7,227) per metric ton.
The cash price of primary Japanese copper rose 1.3 percent to JPY 768,000 ($7,170) per metric ton after falling 0.8 percent during the previous week. The price of US copper producer grade 122 closed last week at $3.79 per pound, after a 1.3 percent drop. The price of US copper producer grade 110 declined to $3.79 per pound after drifting 1.3 percent since last week. With a 1.2 percent decrease, the price of US copper producer grade 102 closed the week at $3.98 per pound. Following a steady week, prices for Korean copper strip closed flat at KRW 9,640 ($9.32) per kilogram.
The copper 3-month price fell 2.1 percent last week on the LME, settling at $6,803 per metric ton. The primary copper cash price fell 2.0 percent on the LME for the week to settle at $6,829 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.