Copper prices declined on Monday, as officials from Greece and the European Union were due to meet in Brussels later in the day to discuss a solution to Greece’s bailout program.
On the Comex division of the New York Mercantile Exchange, copper for March delivery shed 1.4 cents, or 0.55%, to trade at $2.591 a pound during European morning hours.
Closing at $5,730 per metric ton on the LME, a 2.4% increase made the cash price of primary copper the week’s biggest mover on the weekly Copper MMI®. Last week, the copper 3-month price shifted slightly on the LME, rising by 2.3% to close at $5,715 per metric ton.
Chinese copper prices were mixed for the week. Chinese copper bar rose 0.3% over the past week to CNY 42,720 ($6,850) per metric ton. Last week, the cash price of Chinese copper increased by a slight 0.3% to CNY 42,920 ($6,882) per metric ton. Prices for Chinese copper wire remained constant, closing the week at CNY 41,700 ($6,686) per metric ton. Chinese bright copper scrap remained essentially flat from the previous week at CNY 33,400 ($5,356) per metric ton.
The Japanese copper cash price settled at JPY 712,000 ($6,004) per metric ton this week after shifting up 1.7%. At $3.33 per pound, the price of US copper producer grade 122 remained essentially flat. At KRW 8,689 ($7.91) per kilogram, the price of Korean copper strip did not change since the previous week. The price of US copper producer grade 102 closed at $3.52 per pound after a flat week. The price of US copper producer grade 110 remained steady from the previous week at $3.33 per pound.
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.