Copper MMI®: Copper Rises for the Week After Housing Shock

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Copper prices rebounded this week after sell-offs last week due to weak housing data from both the US and China. An HSBC report showing a bullish future for the red metal also largely helped it rebound on the LME.

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The primary copper cash price rose 1.3 percent on the LME to $6,918 per metric ton after falling 2.0 percent during the previous week. The 3-month price of copper rose 1.2 percent on the LME to $6,882 per metric ton after falling 2.1 percent during the previous week.

A 2.6 percent increase made the Japanese copper cash price the week’s biggest mover on the weekly Copper MMI®, closing at JPY 788,000 ($7,242) per metric ton. The price of US copper producer grade 122 rose 0.3 percent to $3.80 per pound after falling 1.3 percent during the previous week. The price of US copper producer grade 110 rose 0.3 percent to $3.80 per pound after falling 1.3 percent during the previous week. The price of US copper producer grade 102 rose 0.3 percent to $3.99 per pound after falling 1.2 percent during the previous week. Korean copper strip remained essentially flat from the previous week at KRW 9,640 ($9.24) per kilogram.

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Chinese copper prices were mixed for the week. The price of Chinese copper bar rose 0.5 percent to CNY 50,400 ($8,208) per metric ton after falling 2.4 percent during the previous week. The Chinese copper cash price rose 0.5 percent to CNY 50,600 ($8,241) per metric ton after falling 2.4 percent during the previous week. Following a steady week, prices for Chinese copper wire closed flat at CNY 50,395 ($8,208) per metric ton. Prices for Chinese bright copper scrap remained constant, closing the week at CNY 44,300 ($7,215) 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.

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