LME copper

The monthly Copper MMI® registered a value of 93 in July, up one point over June’s reading of 92 — an increase of just over one percent. Last month’s Copper MMI® had the largest drop, moving down by 18 points. Copper gained a little during the month of June.

With the exception of Japanese copper prices, most of the complex rose, particularly copper from China. Korean copper strip rose nearly 7 percent for the month. Chinese bright copper scrap prices inched up 2 percent.

Source: MetalMiner IndX(SM)

“Though copper prices failed to recover to their pre-May levels, they did pick up some ground from last month’s MMI reading,” said Lisa Reisman, managing editor of MetalMiner. “It will be interesting to see how these metals MMIs correlate to other economic data,” she continued. “Our feeling is that the Copper MMI® may mirror the ISM PMI data more so than some of the other indexes, but we’ll have to run the correlations.”

Drivers of this Month’s Change in the Copper MMI®

The 3-month price of copper finished the month at $7,408 per metric ton after dropping 1.8 percent on the LME. The cash price of primary copper ended the month on the LME at $7,420 per metric ton, down from $7,420.

The price of US copper producer grade 110 rose 3 percent over the past month, as did US copper producer grades 102 and 110. Chinese copper wire rose one percent. The Chinese copper cash price increased one percent on the last day of the month.

Meanwhile, the cash price of primary Japanese copper dropped one percent.

The Copper MMI® collects and weights 12 global copper metal price points to provide a unique view into copper price trends over a 30-day period. 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.

The monthly Copper MMI® registered a value of 93 in July, up one point over June’s reading of 92 — an increase of just over one percent. Last month’s Copper MMI® had the largest drop, moving down by 18 points. Copper gained a little during the month of June.

With the exception of Japanese copper prices, most of the complex rose, particularly copper from China. Korean copper strip rose nearly 7 percent for the month. Chinese bright copper scrap prices inched up 2 percent.

Source: MetalMiner IndX(SM)

“Though copper prices failed to recover to their pre-May levels, they did pick up some ground from last month’s MMI reading,” said Lisa Reisman, managing editor of MetalMiner. “It will be interesting to see how these metals MMIs correlate to other economic data,” she continued. “Our feeling is that the Copper MMI® may mirror the ISM PMI data more so than some of the other indexes, but we’ll have to run the correlations.”

Drivers of this Month’s Change in the Copper MMI®

The 3-month price of copper finished the month at $7,408 per metric ton after dropping 1.8 percent on the LME. The cash price of primary copper ended the month on the LME at $7,420 per metric ton, down from $7,420.

The price of US copper producer grade 110 rose 3 percent over the past month, as did US copper producer grades 102 and 110. Chinese copper wire rose one percent. The Chinese copper cash price increased one percent on the last day of the month.

Meanwhile, the cash price of primary Japanese copper dropped one percent.

The Copper MMI® collects and weights 12 global copper metal price points to provide a unique view into copper price trends over a 30-day period. 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.

The week’s biggest mover on the weekly Copper MMI® was the price of Chinese bright copper scrap, which saw a 1.9 percent increase. This comes on the heels of a 1.7 percent decline the week prior. The price of Chinese copper wire declined one percent over the past week.  Chinese copper bar prices fell 0.5 percent over the past week. With a 0.5 percent decrease, the Chinese copper cash price closed the week over $8,830 per metric ton.

The price of US copper producer grade 122 rose 0.8 percent after falling 1.5 percent during the previous week. The price of US copper producer grade 110 rose 0.8 percent after falling 1.5 percent during the previous week. The price of US copper producer grade 102 rose 0.7 percent after falling 1.4 percent during the previous week. Prices for Korean copper strip remained constant. The cash price of primary Japanese copper stayed essentially flat as well.

Following a 0.4 percent increase in the week prior, the copper 3-month price fell 0.3 percent on the LME last week to $7,408 per metric ton. At $7,420 per metric ton, the primary copper cash price remained essentially flat on the LME.

Will prices rally?

Chinese bright copper scrap saw the biggest upwards shift for the day on Friday, June 29, rising 3.7 percent. Chinese copper bar finished the day up 0.5 percent as well. After a 0.5 percent increase, the cash price of Chinese copper finished also rose. Only Chinese copper wire was essentially unchanged.

Meanwhile on Friday, June 29 in the US, the price of US copper producer grade 122 declined 0.5 percent. The price of US copper producer grade 110 saw a 0.5 percent decline. The price of US copper producer grade 102 fell 0.5 percent. The cash price of primary Japanese copper remained essentially flat.

On the LME, the 3-month price of copper gained one percent to finish at $7,408 per metric ton. The cash price of primary copper increased 0.9 percent on the LME to $7,420 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.

Decreasing 1.3 percent made Chinese copper wire the biggest mover on the MetalMiner copper index. The price of Chinese copper bar fell 1.1 percent to CNY 55,480 ($8,718) per metric ton. The Chinese copper cash price declined 1.1 percent. Chinese bright copper scrap held its value yesterday.

The price of US copper producer grade 122 flattened at after two days of increases. For the fifth consecutive day, the cash price of primary Japanese copper held flat. Following a two-day rise, the price of US copper producer grade 102 also flattened. After a couple of days of improving prices, the price of US copper producer grade 110 held steady.

On the LME, the 3-month price of copper rose 0.1 percent to $7,345 per metric ton. Also on the LME, the cash price of primary copper saw little change in its price yesterday at $7,346 per metric ton.

Chinese copper wire had the largest decline on June 26, 2012, dropping four percent and closing under $8700 per metric ton. Chinese bright copper scrap jumped 3.2 percent. The price of Chinese copper bar remained steady in the $8800 per metric ton range. The Chinese copper cash price held steady yesterday, remaining in the mid $8,800 per metric ton range.

The price of US copper producer grade 122 rose 0.3 percent. The price of US copper producer grade 110 increased 0.3 percent as well. The price of US copper producer grade 102 rose 0.2 percent. The Japanese copper cash price held steady at just over $8,000 per metric ton.

The copper 3-month price is back up, rising by 0.7 percent on the LME on Tuesday to close at $7,334 per metric ton. Following a two-day drop, the cash price of primary copper increased by 0.3 percent on the LME to $7,342 per metric ton.

Chinese copper wire saw the biggest upwards shift for the day on our daily copper price index, rising four percent on June 25, 2012.

Monday saw the price of Chinese bright copper scrap shift down 0.6 percent, after three quiet days. The price of Chinese copper bar fell 0.3 percent. The cash price of Chinese copper also saw a 0.3 percent decline.

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The week’s biggest mover on the weekly Copper MMI® was the price of Chinese bright copper scrap, which saw a 1.7 percent decline. This comes on the heels of a 0.6 percent increase the week before.

Chinese copper wire prices held steady from the previous week at above $8,700 per metric ton. Prices for Chinese copper bar remained constant, closing the week above $8,800 per metric ton. The Chinese copper cash price remained essentially flat.

The price of US copper producer grades 110 and 122 fell 1.5 percent over the past week, the third week in a row of declining prices for those grades. The price of US copper producer grade 102 fell 1.4 percent over the past week, also the third week in a row of declining prices.

Following a steady week, prices for Korean copper strip closed flat, and the cash price of primary Japanese copper traded sideways, hovering below $8,000 per metric ton.

The primary copper cash price rose 0.7 percent on the LME to $7,425 per metric ton after falling 1.4 percent during the previous week. The 3-month price of copper rose 0.4 percent on the LME to $7,429 per metric ton after falling 1.1 percent during the previous week.

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.

On June 22, 2012, the day’s biggest mover on our daily copper price index was the price of US copper producer grade 110, which saw a 2.2 percent decline. The price of US copper producer grade 122 fell 2.2 percent. Meanwhile, the price of US copper producer grade 102 declined 2.1 percent.

The cash price of primary Japanese copper remained essentially flat below $8,000 per metric ton.

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Overall, the copper market in India, as with most of the other base metals, has turned bearish in the last few days, with a hint of a coming short-term recovery. A majority of investment analysts following copper trends were of the opinion that at the current price levels, it was the right time to buy copper since demand support in Indian markets was expected.

Traders preferred to put the “buy” option on base metal as analysts and traders do not expect their prices, led by copper, to go down much further from current levels. Some say prices could go down about 3-4 percent from current levels, only anticipating a recovery in the coming weeks.

Internationally, a combination of factors has dragged down the prices in the past three months. In this period, prices on the London Metal Exchange (LME) have declined 13.3 percent, mainly because of the euro zone crisis and the slowing down of the economy in China. But prices have started correcting themselves from April.

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US copper producer grade 110 price fell 1.2 percent on June 21, 2012, making it the day’s biggest mover on our daily copper price index. Weakening prices followed two days of improvement as the price of US copper producer grades 102 and 122 dropped 1.2 percent as well.

The cash price of primary Japanese copper saw essentially no change for the fifth day in a row, remaining above $8,000 per metric ton.

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