Home > Research Prices > “Copper Prices Hit Five-Week High On Increased Chinese Copper Import.”
2022-08-04 2022-07-27 2022-07-11 2022-05-11 2022-02-11 2021-08-11 2022

“Copper Prices Hit Five-Week High On Increased Chinese Copper Import.”

DMCA.com

by RIM Research Team - 438 Views

Copper prices in India upsurge to Rs.671.75 per Kg, supported by stronger Copper imports data from China & US.

Mumbai, India. Copper prices in India are up 1.66% from the previous close price, trading at Rs.671.75 per Kg (August-11-22) on the MCX futures.

Copper prices hit a five-week high on Thursday as Copper’s import data from the top metals consumer, “China”, increased. Since the start of this week, Copper prices have been boosted by improved demand growth from China and the US.

According to data, China’s Copper imports rose to 463,693 tonnes in July, up 9.3% from a year earlier, as the sharp drop in Copper prices triggered importing. “In the near term, better data means equity and credit markets are pricing out a more severe recession risk. In this context, base metals could catch up with this risk positive shift,” said Giles Coghlan, an analyst at broker HYCM.

Copper prices increase in hopes that upcoming interest rate hikes would be less aggressive and ease fears of a recession. Meanwhile, the softening US dollar index pushed Copper prices further up.

The Non-ferrous Copper Base Metal is Trading at Rs.671.75 per KG in India.

Copper Scrap prices in India are now trading at,

Copper Cable Scrap Prices (Mumbai): Rs.665/KG

Copper Heavy Scrap Prices (Mumbai): Rs.659/KG

Copper Utensil Scrap Prices (Mumbai): Rs.600/KG

The COMEX (US Metal Exchange) - Copper prices are now trading at $3.65 per pound (August-11-22), which is 2.24% higher than the previous closing price.

Copper prices rose during unexpected US inflation amid worries of aggressive rate hikes that could dampen growth and metals demand.

The central bank in the US decided to raise another 75 basis point rate hike in September. Another US rate hike could boost the dollar in the coming days, but for now, it is retreating, making green-priced metals cheaper for buyers of other currencies, which could boost demand.

Tight Copper inventories across base metals also support Copper prices. SHFE Copper stockpiles are now at the lowest since January 21, and LME Copper inventories are also at the lowest since June 29 and down 30% since May.

The Reddish-Brown Metal is Trading at $3.65 per pound in the CME Futures.

Copper Scrap prices in the US are now trading at,

Copper No.1 Scrap Prices (US): 2.99 USD/Lbs

Copper No.2 Scrap Prices (US): 2.54 USD/Lbs

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MCX

MCX Yearly Copper Price Data

MCX High
871.0
MCX Low
610.3
MCX Avg
745.83

COMEX

COMEX Yearly Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.2602

MCX Year To Date Copper Price Data

MCX High
871.0
MCX Low
610.3
MCX Avg
752.60

COMEX Year To Date Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.2255

MCX Monthly Copper Price Data

MCX High
671.75
MCX Low
641.3
MCX Avg
654.57

COMEX Monthly Copper Price Data

COMEX High
3.6505
COMEX Low
3.4532
COMEX Avg
3.5453
Category : Copper

Tags : Copper Prices, MCX Copper Prices, Copper Prices INDIA, COMEX Copper Prices US Copper Prices