Copper MMI®: Big Declines Continue

by on

Copper fell on the London Metal Exchange from $6,100/metric ton at the beginning of last week to $5,400/mt. It has recovered a bit since, but that  11% drop in only 3 trading days has shown major weakness in the oversupplied market.

FREE Download: The Monthly MMI® Report – covering the Copper market.

With low oil prices dragging down most commodities, copper has been hit particularly hard and OPEC signalling that it will not curtail oil production is a sign that copper prices could remain weak for the foreseeable future.

The cash price of Japanese copper saw a 10.2% decline, finishing at JPY 688,000 ($5,924) per metric ton and making it the week’s biggest mover on the weekly Copper MMI®. The price of US copper producer grade 122 dropped 5.1% this week, closing out the third consecutive week of falling prices at $3.32 per pound. For the third week in a row, the price of US copper producer grade 110 dropped, falling 5.1% to $3.32 per pound. The price of US copper producer grade 102 fell 4.9% over the past week to $3.51 per pound. This was the third week in a row of declining prices. Korean copper strip gained a slight 1.7% this past week, finishing at KRW 9,800 ($9.10) per kilogram.

* Get the complete prices every day on the MetalMiner IndX℠

Chinese copper prices were down for the week. At CNY 41,240 ($6,669) per metric ton, the price of Chinese copper wire finished the week down 9.6%. Closing out the third week of declining prices, the price of Chinese copper bar dropped by 8.8%, finishing at CNY 42,300 ($6,840) per metric ton. The cash price of Chinese copper dropped 8.8% this week, closing out the third consecutive week of falling prices at CNY 42,500 ($6,872) per metric ton. The past week saw Chinese bright copper scrap close at CNY 36,900 ($5,967) per metric ton after a 8.0% decline.

The primary copper cash price fell 7.3% on the LME over the past week to $5,718 per metric ton. This was the fourth week in a row of declining prices. The 3-month price of copper fell 7.2% on the LME over the past week to $5,665 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.

{Comments Off on Copper MMI®: Big Declines Continue Comments Off on Copper MMI®: Big Declines Continue}