Saudi Prince Alwaleed bin Talal recently said we will not see $100-a-barrel oil again. While there is data showing the US construction recovery has finally hit the hiring phase, low oil prices continue to drag down copper and most other construction metals.
Copper was flirting with falling below $6,000 per metric ton today on the London Metal Exchange and there is still no end in sight to its precipitous fall.
After falling 3.5%, the Japanese copper cash price landed at JPY 766,000 ($6,395) per metric ton, making it the week’s biggest mover on the weekly Copper MMI®. Since last week, the price of the price of US copper producer grade 122 fell to $3.51 per pound after moving 0.8%. Following a 0.8% drop, the price of US copper producer grade 110 finished the week at $3.51 per pound. The price of US copper producer grade 102 saw a 0.8% drop this week, closing at $3.70 per pound. Korean copper strip traded sideways last week, hovering around KRW 9,640 ($8.80) per kilogram.
Chinese copper prices were down for the week. Chinese copper wire prices were off slightly at CNY 45,300 ($7,290) per metric ton, down from CNY 46,320 ($7,455) a week ago. Chinese copper bar saw a 1.9% decline over the past week to CNY 46,100 ($7,419) per metric ton. With a 1.9% decrease, the Chinese copper cash price closed the week at CNY 46,300 ($7,451) per metric ton. Chinese bright copper scrap fell 0.7% over the past week to CNY 40,100 ($6,453) per metric ton.
The copper 3-month price dropped 2.1% on the LME this week, closing out the third consecutive week of falling prices at $6,160 per metric ton. The primary copper cash price closed last week at $6,230 per metric ton, after a 2.0% drop on the LME.
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.