China has imported the lowest amount of scrap copper in a decade amid low prices and a domestic surplus.
Copper futures rallied today after the release of China’s Purchasing Manager’s Index. The PMI came in below expectations and led many to believe Beijing will take action to provide more stimulus.
The week’s biggest mover on the weekly Copper MMI® was the price of Chinese bright copper scrap, which saw a 9.2% decline to CNY 33,600 ($5,380) per metric ton. This comes on the heels of a 0.3% increase the week before. The price of Chinese copper bar fell 4.0% to CNY 40,720 ($6,520) per metric ton after rising 0.3% the week before. Following a 0.3% increase in the week prior, the Chinese copper cash price fell 4.0% last week to CNY 40,920 ($6,552) per metric ton. The price of Chinese copper wire fell 3.7% to CNY 39,960 ($6,398) per metric ton after rising 0.6% the week before.
Following a 3.6% increase in the week prior, the cash price of primary Japanese copper fell 5.0% last week to JPY 677,000 ($5,725) per metric ton. At $3.19 per pound, the price of US copper producer grade 122 finished the week down 3.6%. Closing out the third week of declining prices, the price of US copper producer grade 110 dropped by 3.6%, finishing at $3.19 per pound. For the third week in a row, the price of US copper producer grade 102 dropped, falling 3.4% to $3.38 per pound. Korean copper strip prices fell to KRW 9,480 ($8.61) per kilogram, down from KRW 9,800 ($9.05) a week ago.
The cash price of primary copper fell 6.1% on the LME to $5,390 per metric ton after rising 0.4% the week before. Following a 0.8% increase in the week prior, the 3-month price of copper fell 6.0% on the LME last week to $5,368 per metric ton.
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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.