The week’s biggest mover on the Copper MMI® was the LME cash price of primary copper, which saw a 3.9 percent increase to $8,356 per metric ton. This comes on the heels of a 1.5 percent decline the week prior. The primary copper 3-month price rose 3.1 percent on the LME to $8,255 per metric ton after falling 1.4 percent during the previous week.
Prices for Chinese copper were up for the week. Chinese copper wire prices ticked up 1.2 percent over the past week to CNY 58,225 ($9,257) per metric ton. Last week, the cash price of Chinese primary copper shifted slightly on the SHFE, rising by 1.2 percent to close at CNY 59,350 ($9,436) per metric ton. The price of Chinese bright copper scrap rose 0.2 percent to CNY 50,050 ($7,958) per metric ton after falling 1.1 percent during the previous week.
The price of US copper producer grade 110 rose 2.1 percent to $6.76 per pound after falling 0.2 percent during the previous week. The US copper producer grade 102 price increased 2.1 percent to $6.95 per pound after losing 0.1 percent the week before. The cash price of Japanese primary copper rose two percent to JPY 703,000 ($8,711) per metric ton after falling one percent during the previous week. Korean copper strip prices held steady from the prior week at KRW 10,850 ($9) 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.