Copper MMI®: Copper Rises 3.8% for the Week, Turnaround Coming?

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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.

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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.

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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.

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