Copper MMI®: Resilient Copper Closes a Strong Week, Could be Poised to Break Out

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The copper market continued to confound investors as several grades and the overall LME price closed out the week in positive territory.

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Despite a tough year in surplus, copper has managed to not lose a great deal of its value, particularly scrap prices.  So much so that  Detroit is thinking about selling its scrap to help the municipality get out of bankruptcy.

The week’s biggest mover on the weekly Copper MMI® was US copper producer grade 122 price, which saw a 1.9% increase to $3.75 per pound. This comes on the heels of a 1.3% decline the week prior. The price of US copper producer grade 110 rose 1.9% to $3.75 per pound after falling 1.3% during the previous week. The price of US copper producer grade 102 rose 1.8% to $3.94 per pound after falling 1.3% during the previous week. The cash price of primary Japanese copper rose 1.2% to JPY 747,000 ($6,861) per metric ton after falling 2.1% during the previous week. Korean copper strip prices held steady from the previous week at KRW 9,640 ($9.02) per kilogram.

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Chinese copper prices were mixed for the week. The price of Chinese copper bar rose 0.6% to CNY 48,900 ($7,962) per metric ton after falling 1.4% during the previous week. The Chinese copper cash price rose 0.6% to CNY 49,100 ($7,994) per metric ton after falling 1.4% during the previous week. Chinese copper wire remained essentially flat from the previous week at CNY 50,395 ($8,205) per metric ton. At CNY 44,300 ($7,213) per metric ton, the price of Chinese bright copper scrap did not change since the previous week.

The primary copper cash price rose 1.3% on the LME to $6,718 per metric ton after falling 2.0% during the previous week. The copper 3-month price rose 1.3% on the LME to $6,665 per metric ton after falling 2.0% 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.

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