Copper MMI®: Copper Falls for the Week Despite Strong US Construction Numbers

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Construction employment was up in 40 states and Washington, DC, during 2014, a good sign for the US copper market as the red metal is used in everything from pipes to roofs in both residential and commercial construction.

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Prices still lagged this week as the uncertain economic situation in China has not gotten better. Ongoing talks over Greece’s bailout is hurting commodity prices in Europe, as well.

After falling 8.3%, Korean copper strip landed at KRW 8,689 ($7.99) per kilogram and making it the week’s biggest mover on the weekly Copper MMI®. The price of US copper producer grade 122 rose 4.4% to $3.33 per pound after falling 3.6% during the previous week. The price of US copper producer grade 110 rose 4.4% to $3.33 per pound after falling 3.6% during the previous week. The price of US copper producer grade 102 rose 4.1% to $3.52 per pound after falling 3.4% during the previous week. The Japanese copper cash price rose 3.4% to JPY 700,000 ($5,955) per metric ton after falling 5.0% during the previous week.

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Chinese copper prices were mixed for the week. The price of Chinese copper bar rose 4.6% to CNY 42,600 ($6,813) per metric ton after falling 4.0% during the previous week. The Chinese copper cash price rose 4.6% to CNY 42,800 ($6,845) per metric ton after falling 4.0% during the previous week. The price of Chinese copper wire rose 4.4% to CNY 41,710 ($6,670) per metric ton after falling 3.7% during the previous week. The price of Chinese bright copper scrap fell 0.6% over the past week to CNY 33,400 ($5,341) per metric ton. This was the fourth week in a row of declining prices.

The copper 3-month price rose 4.0% on the LME to $5,585 per metric ton after falling 6.0% during the previous week. The cash price of primary copper rose 3.8% on the LME to $5,595 per metric ton after falling 6.1% 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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