Copper MMI®: The Week of the Stimulus

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Several stimulus measures overseas limited copper’s losses this week as governments and central banks sought to help their ailing economies everywhere from China to Europe.

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China’s secretive State Reserve Bureau has been buying more of the industrial metal there. Japan also took measures to limit its own recession, pushing up the copper price there as a side effect.

The week’s biggest mover on the weekly Copper MMI® was the Japanese copper cash price, which saw a 2.4% increase to JPY 827,000 ($6,994) per metric ton. Last week marked the fourth in a row of rising prices for the metal. The price of US copper producer grade 122 rose 0.8% to $3.73 per pound after falling 1.1% during the previous week. The price of US copper producer grade 110 rose 0.8% to $3.73 per pound after falling 1.1% during the previous week. The price of US copper producer grade 102 rose 0.8% to $3.92 per pound after falling 1.0% during the previous week. Closing at KRW 9,640 ($8.66) per kilogram, Korean copper strip remained unchanged for the week.

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Chinese copper prices were mixed for the week. After a 0.9% decline, Chinese bright copper scrap closed out the week at CNY 42,300 ($6,909) per metric ton. The price of Chinese copper bar rose 0.7% to CNY 48,900 ($7,987) per metric ton after falling 0.7% during the previous week. The Chinese copper cash price rose 0.7% to CNY 49,100 ($8,020) per metric ton after falling 0.7% during the previous week. The price of Chinese copper wire rose 0.5% to CNY 48,085 ($7,854) per metric ton after falling 5.1% during the previous week.

The copper 3-month price fell 1.1% on the LME to $6,620 per metric ton after rising 1.2% the week before. Following a 1.1% increase in the week prior, the primary copper cash price fell 1.0% on the LME last week to $6,686 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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