Copper traded near a 4-year low after data showed industrial profits in China fell, fueling speculation that demand from the largest metals user will weaken.
China’s industrial profits fell the most in two years last month, according to National Bureau of Statistics data published Dec. 27.
The primary copper cash price rose 0.2% on the LME to $6,360 per metric ton after falling 1.9% during the previous week. This past week, the copper 3-month price kept quiet, holding at on the LME at $6,319 per metric ton.
The week’s biggest mover on the weekly Copper MMI® was the price of US copper producer grade 122, which saw a 0.8% increase to $3.61 per pound. This comes on the heels of a 1.9% decline the week prior. The price of US copper producer grade 110 rose 0.8% to $3.61 per pound after falling 1.9% during the previous week. The price of US copper producer grade 102 rose 0.8% to $3.80 per pound after falling 1.8% during the previous week. The cash price of primary Japanese copper rose 0.5% over the past week to JPY 794,000 ($6,596) per metric ton. Korean copper strip prices held steady from the previous week at KRW 9,640 ($8.74) per kilogram.
Chinese copper prices were mixed for the week. The price of Chinese bright copper scrap rose 0.5% to CNY 40,400 ($6,503) per metric ton after falling 1.2% during the previous week. The price of Chinese copper bar rose 0.1% to CNY 47,160 ($7,591) per metric ton after falling 1.6% during the previous week. The Chinese copper cash price rose 0.1% to CNY 47,360 ($7,623) per metric ton after falling 1.6% during the previous week. Closing at CNY 46,340 ($7,459) per metric ton, Chinese copper wire remained unchanged for the 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.