Copper declined with the rest of the base metals this week as a strong US employment report strengthened the dollar even more.
Elsewhere in the world, copper prices had the opposite problem but still fell, as signs of slowing economic growth boosted concern that demand will ebb in China, the world’s biggest metals consumer. The nation’s trade surplus climbed to a record in November after an unexpected decline in imports.
The week’s biggest mover on the weekly Copper MMI® was the price of Chinese bright copper scrap, which saw a 4.0% decline to CNY 40,500 ($6,582) per metric ton. This week marked the third in a row of declining prices for the metal. At CNY 47,800 ($7,768) per metric ton, the price of Chinese copper bar finished the week down 0.6%. The cash price of Chinese copper dropped 0.6% this week, closing out the third consecutive week of falling prices at CNY 48,000 ($7,800) per metric ton. For the third week in a row, the price of Chinese copper wire dropped, falling 0.3% to CNY 46,970 ($7,633) per metric ton.
The cash price of primary Japanese copper fell 1.0% for the week to settle at JPY 799,000 ($6,668) per metric ton. The price of US copper producer grade 122 fell 0.5% last week, settling at $3.64 per pound. The price of US copper producer grade 110 saw a 0.5% drop this week, closing at $3.64 per pound. The price of US copper producer grade 102 declined to $3.83 per pound after drifting 0.5% since last week. At KRW 9,640 ($8.66) per kilogram, the week finished with no movement for Korean copper strip.
Following a 2.0% drop on the LME, the primary copper cash price finished the week at $6,490 per metric ton. The 3-month price of copper fell 1.9% on the LME over the past week to $6,435 per metric ton. This was the fourth week in a row of declining prices.
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.