The copper 3-month price dropped to $7,925 per metric ton, making it the biggest mover on the weekly Copper MMI® this week, after drifting 2.4 percent on the LME. The cash price of primary copper closed last week at $7,960 per metric ton, after a 2.3 percent drop on the LME.
Chinese copper prices were mixed for the week. Following a 0.7 percent increase in the week prior, the price of Chinese copper bar fell 0.5 percent last week to CNY 58,520 ($9,409) per metric ton. The Chinese copper cash price fell 0.5 percent to CNY 58,720 ($9,442) per metric ton after rising 0.7 percent the week before. Following a 0.7 percent increase in the week prior, the price of Chinese copper wire fell 0.3 percent last week to CNY 57,700 ($9,278) per metric ton. Closing at CNY 48,800 ($7,847) per metric ton, Chinese bright copper scrap remained unchanged for the week.
The price of US copper producer grade 122 fell 1.2 percent to $4.28 per pound after rising 2.9 percent the week before. Following a 2.9 percent increase in the week prior, the price of US copper producer grade 110 fell 1.2 percent last week to $4.28 per pound. The price of US copper producer grade 102 fell 1.1 percent to $4.47 per pound after rising 2.7 percent the week before. Following a steady week, prices for Korean copper strip closed flat at KRW 11,300 ($10.68) per kilogram. The Japanese copper cash price remained steady from the previous week at JPY 640,000 ($7,124) per metric ton.
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.