Copper rose in New York after prices reduced by 4 weeks of drops attracted buying. All of the 6 main industrial metals traded on the London Metal Exchange advanced, led by zinc.
An index of the 6metals closed at the lowest level since April on Oct. 2. Financial markets in China, the world’s biggest metals consumer, are shut through tomorrow for a week-long public holiday. Buying and selling of LME 3-month copper contracts today came to about 10% of the 3-month daily average. Prices also increased as the dollar weakened.
Rosy 2015 outlooks for the industrial metal fell by the wayside this week. One expert predicted no building rebound in China until 2015.
After drifting 1.6%, the price of US copper producer grade 122 dropped to $3.70 per pound making it the biggest mover on the weekly Copper MMI® this week. The price of US copper producer grade 110 saw a 1.6% drop this week, closing at $3.70 per pound. The price of US copper producer grade 102 declined to $3.89 per pound after drifting 1.5% since last week. Since last week, the price of the Japanese copper cash price fell to JPY 765,000 ($7,048) per metric ton after moving 0.9%. At KRW 9,640 ($9.08) per kilogram, the price of Korean copper strip did not change since the previous week.
Chinese copper prices were mixed for the week. The price of Chinese copper bar rose 0.4% to CNY 49,720 ($8,099) per metric ton after falling 1.8% during the previous week. The Chinese copper cash price rose 0.4% to CNY 49,920 ($8,132) per metric ton after falling 1.8% during the previous week. Chinese copper wire prices held steady from the previous week at CNY 50,395 ($8,209) per metric ton. Chinese bright copper scrap remained essentially flat from the previous week at CNY 44,300 ($7,216) per metric ton.
Closing out the third week of declining prices, the 3-month price of copper dropped by 1.1% on the LME, finishing at $6,651 per metric ton. For the third week in a row, the cash price of primary copper dropped, falling 1.1% on the LME to $6,693 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.