Copper Price Climbs Up On Stronger US Metals Demand (05, July-2021)

The MCX Copper Rate closed at Rs.723.90/KG on 07-05-2021(Monday), Rs.6.55 or 0.91% higher than the previous closing price of 717.35 (07-03-2021).

Nagercoil, India. MCX Copper Price in India traded at Rs. 723.9/KG on July 5th. Copper is the third most used metal globally, and demand for this commodity is rising amid tight supply.

Copper price touched a yearly high of 798.10 and a low of 462.25. The yearly average price of copper is 615.54. The Year to Date price of Copper touched a high of 798.10 and a low of 588.2 INR. The Year to Date average price of Copper is 695.23. In the futures market, the cost of Copper touched a month high of 723.90 and a low of 717.35 INR. The monthly average price of Copper for June is 719.48.

Copper Prices, often used as a gauge of global economic health, advanced on Monday on hopes of stronger demand for metals and amid a sustained US economic recovery after data showed acceleration in hiring in the world's biggest economy.

US companies in June hired the most workers in 10 months, raising wages and offering incentives to entice millions of unemployed Americans sitting at home, in a tentative sign that a labour shortage hanging over the economy was starting to ease. "Wage growth tends to lead to strong demand for durable goods, a key sector for the metals markets," said ANZ analysts in a note.

Trafigura Group, the world’s top copper trader, and Goldman Sachs have both said copper prices could hit $15,000 a tonne in the coming years. Bank of America has said $20,000 could also be possible if drastic issues arise on the supply side.

Copper Base Metal Price surged Rs.6.55 or 0.91% quoting at Rs. 723.9 per kg in MCX.

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The COMEX (US Metal Exchange) - Copper Price for July 5th rose 1.9% from Friday’s settlement price, touching $4.2810 per pound ($9,587 per tonne) midday Monday on the CME market in New York. On the Shanghai Futures Exchange advanced 0.8% to 68,880 Yuan ($10,659.24) a tonne.

Copper’s inherent supply/demand imbalance has already sparked a record-breaking rally in 2021, pushing the copper price to an all-time high in mid-May. The price of copper has since pulled back a bit, but there is plenty of optimism that the red metal is entering a bull market.

The Copper rate for yearly touched a month high of 4.8000 and a low of 2.766. The yearly average price of copper is 3.6684. The Year to Date price of Copper touched a high of 4.8000 and a low of 3.514. The Year to Date average price of Copper is 4.1476.  In the CME Futures, the price of copper touched a month high of 4.2810 and a low of 4.2425. The monthly average price of copper is 4.2553.

Global copper smelting activity slipped in June after a rebound a month earlier as Chinese plants closed for maintenance, data from satellite surveillance of copper plants showed.  “In copper, the narrative remains one of a slow march towards normality with material divergences at a regional level,” said Guy Wolf, global head of analytics at Marex, which helped to develop SAVANT.

The Non-Ferrous Copper Metal traded at 4.2810 USD/lbs in COMEX (US Metal Exchange).