Copper ended the week with its highest price on the London Metal Exchange in six weeks. China cut interest rates again after the weeklong Lunar New Year celebration there.
The week’s biggest mover on the weekly Copper MMI® was the cash price of primary copper, which saw a 3.8% increase on the LME to $5,935 per metric ton. This comes on the heels of a 0.2% decline the week prior. The 3-month price of copper rose 3.6% on the LME to $5,912 per metric ton after falling 0.1% during the previous week.
Chinese copper prices were mixed for the week. In the past week, Chinese copper wire saw its price shift up 1.8% to CNY 42,640 ($6,816) per metric ton. Chinese copper bar prices ticked up 1.6% over the past week to CNY 43,500 ($6,953) per metric ton. The Chinese copper cash price rose 1.6% over the past week to CNY 43,700 ($6,985) per metric ton. Following a steady week, prices for Chinese bright copper scrap closed flat at CNY 33,400 ($5,339) per metric ton.
A 2.1% gain landed the price of US copper producer grade 122 at $3.43 per pound. Last week, the price of US copper producer grade 110 shifted slightly, rising by 2.1% to close at $3.43 per pound. The price of US copper producer grade 102 ticked up 2.0% over the past week to $3.62 per pound. The Japanese copper cash price rose 0.4% to JPY 714,000 ($5,981) per metric ton after falling 0.1% during the previous week. Korean copper strip remained essentially flat from the previous week at KRW 8,689 ($7.89) per kilogram.
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.