This week Copper in London slid to an 8-month low as a strike ended at the Antamina copper mine in Peru.
BHP Billiton Ltd. and Glencore Plc’s copper and zinc mine has returned to normal operations. BHP also explored investing more heavily in copper this week to offset its iron ore losses.
The week’s biggest mover on the weekly Copper MMI® was the Japanese copper cash price, which saw a 2.4% decline to JPY 807,000 ($6,848) per metric ton. This comes on the heels of a 2.4% increase the week before. Following a 0.8% increase in the week prior, the price of US copper producer grade 122 fell 1.9% last week to $3.66 per pound. The price of US copper producer grade 110 fell 1.9% to $3.66 per pound after rising 0.8% the week before. Following a 0.8% increase in the week prior, the price of US copper producer grade 102 fell 1.8% last week to $3.85 per pound. Closing at KRW 9,640 ($8.66) per kilogram, Korean copper strip remained unchanged for the week.
Chinese copper prices were down for the week. The price of Chinese copper wire fell 2.0% to CNY 47,120 ($7,674) per metric ton after rising 0.5% the week before. Following a 0.7% increase in the week prior, the price of Chinese copper bar fell 1.7% last week to CNY 48,070 ($7,829) per metric ton. The Chinese copper cash price fell 1.7% to CNY 48,270 ($7,862) per metric ton after rising 0.7% the week before. Chinese bright copper scrap saw a 0.2% decline over the past week to CNY 42,200 ($6,873) per metric ton.
Closing out the third week of declining prices, the cash price of primary copper dropped by 1.0% on the LME, finishing at $6,621 per metric ton. For the third week in a row, the copper 3-month price dropped, falling 0.9% on the LME to $6,560 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.