Copper prices dropped to a 14-week low after a report showed demand for durable goods in August tumbled by a record in the US, the world’s second-biggest consumer of the metal.
The red metal has still shown surprising resilience in the last few months as prices have not declined as much as many feared despite it being in oversupply and demand faltering.
The week’s biggest mover on the weekly Copper MMI® was the 3-month price of copper, which saw a 2.3% decline on the LME to $6,725 per metric ton. This comes on the heels of a 1.2% increase the week before. The primary copper cash price fell 2.2% on the LME to $6,765 per metric ton after rising 1.3% the week before.
Chinese copper prices were mixed for the week. Following a 0.5% increase in the week prior, the price of Chinese copper bar fell 1.8% last week to CNY 49,500 ($8,068) per metric ton. The cash price of Chinese copper fell 1.8% to CNY 49,700 ($8,100) per metric ton after rising 0.5% the week before. At CNY 50,395 ($8,213) per metric ton, the week finished with no movement for Chinese copper wire. At CNY 44,300 ($7,220) per metric ton, the price of Chinese bright copper scrap did not change since the previous week.
Following a 2.6% increase in the week prior, the cash price of primary Japanese copper fell 2.0% last week to JPY 772,000 ($7,106) per metric ton. The price of US copper producer grade 122 fell 1.1% to $3.76 per pound after rising 0.3% the week before. Following a 0.3% increase in the week prior, the price of US copper producer grade 110 fell 1.1% last week to $3.76 per pound. The price of US copper producer grade 102 fell 1.0% to $3.95 per pound after rising 0.3% the week before. Korean copper strip traded sideways last week, hovering around KRW 9,640 ($9.27) per kilogram.
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.