Copper MMI®: Rebound Begins From 5-Year Lows

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Copper prices began a long rebound from 5-1/2-year low this week. The metal remained in surplus this week with little chance of stockpiles drying up any time soon.

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The week’s biggest mover on the weekly Copper MMI® was the cash price of Japanese copper, which saw a 3.6% increase to JPY 713,000 ($6,004) per metric ton. This comes on the heels of a 10.2% decline the week prior. Since last week, the price of the price of US copper producer grade 122 fell to $3.31 per pound after moving 0.3%. The price of US copper producer grade 110 declined to $3.31 per pound after drifting 0.3% since last week. The price of US copper producer grade 102 closed last week at $3.50 per pound, after a 0.3% drop. Prices for Korean copper strip remained constant, closing the week at KRW 9,800 ($9.07) per kilogram.

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Chinese copper prices were up for the week. The price of Chinese copper wire rose 0.6% to CNY 41,480 ($6,683) per metric ton after falling 9.6% during the previous week. The price of Chinese copper bar rose 0.3% to CNY 42,430 ($6,836) per metric ton after falling 8.8% during the previous week. The cash price of Chinese copper rose 0.3% to CNY 42,630 ($6,868) per metric ton after falling 8.8% during the previous week. The price of Chinese bright copper scrap rose 0.3% to CNY 37,000 ($5,961) per metric ton after falling 8.0% during the previous week.

The copper 3-month price rose 0.8% on the LME to $5,712 per metric ton after falling 7.2% during the previous week. The primary copper cash price rose 0.4% on the LME to $5,741 per metric ton after falling 7.3% during the previous 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.

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