Low interest rates and a pause in the meteoric rise of the dollar helped copper to limits its losses this week.
A surprise surge in Chinese imports also helped limit the damage as copper continues to show resiliency despite being battered by weak demand for most of the year.
The Japanese copper cash price finished as the week’s biggest mover on the weekly Copper MMI® after dropping 1.4% and landing at JPY 754,000 ($6,925) per metric ton. The price of US copper producer grade 122 rose 0.8% to $3.73 per pound after falling 1.6% during the previous week. The price of US copper producer grade 110 rose 0.8% to $3.73 per pound after falling 1.6% during the previous week. The price of US copper producer grade 102 rose 0.8% to $3.92 per pound after falling 1.5% during the previous week. At KRW 9,640 ($9.02) per kilogram, the week finished with no movement for Korean copper strip.
Chinese copper prices were mixed for the week. The price of Chinese copper bar fell 0.8% to CNY 49,300 ($8,027) per metric ton after rising 0.4% the week before. Following a 0.4% increase in the week prior, the cash price of Chinese copper fell 0.8% last week to CNY 49,500 ($8,060) per metric ton. Closing at CNY 50,395 ($8,205) per metric ton, Chinese copper wire remained unchanged for the week. Chinese bright copper scrap prices held steady from the previous week at CNY 44,300 ($7,213) per metric ton.
The primary copper cash price rose 1.1% on the LME to $6,767 per metric ton after falling 1.1% during the previous week. The copper 3-month price rose 0.9% on the LME to $6,712 per metric ton after falling 1.1% 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.