Copper recovered earlier losses this week as Greece reached a deal to extend its bailout funding, tempering speculation the nation may exit the currency bloc.
The London Metal Exchange viewed the deal mostly positively as copper and other metals finished up for the day.
The price of US copper producer grade 122 saw the largest upwards shift on the weekly Copper MMI®, rising 0.9% to settle at $3.36 per pound. A 0.9% gain landed the price of US copper producer grade 110 at $3.36 per pound. The price of US copper producer grade 102 rose 0.9% over the past week to $3.55 per pound. The cash price of primary Japanese copper fell 0.1% to JPY 711,000 ($5,975) per metric ton after rising 1.7% the week before. Following a steady week, prices for Korean copper strip closed flat at KRW 8,689 ($7.81) per kilogram.
Chinese copper prices were mixed for the week. The price of Chinese copper wire increased by a slight 0.4% over the past week to CNY 41,880 ($6,694) per metric ton. The price of Chinese copper bar rose 0.2% over the past week to CNY 42,800 ($6,841) per metric ton. This was the third week in a row of increasing prices. Closing out the third week of rising prices, the cash price of Chinese copper increased by 0.2%, landing at CNY 43,000 ($6,873) per metric ton. Closing at CNY 33,400 ($5,339) per metric ton, Chinese bright copper scrap remained unchanged for the week.
Following a 2.4% increase in the week prior, the cash price of primary copper fell 0.2% on the LME last week to $5,720 per metric ton. The copper 3-month price fell 0.1% on the LME to $5,708 per metric ton after rising 2.3% the week before.
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.