Nagercoil, India. MCX Copper Price in India settled at Rs. 725/KG on July 9th. Copper Price increases as the US dollar pulled back from a three-month high, but the metal struggled to widen gains amid doubts about the pace of the global economic recovery.
Copper Price touched a yearly high of 798.10 and a low of 472.65. The yearly average price of copper is 618.03. 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 695.68. In the futures market, the cost of Copper touched a month high of 733 and a low of 717.35 INR. The monthly average price of Copper for July is 722.53.
The rapid spread of the highly contagious Delta variant of Covid-19 in some emerging markets has raised concerns that the global economic rebound might be derailed, dampening expectations for metals demand.
A possible monetary policy easing in China did not help sentiment in Shanghai because it was viewed as a sign of weakness in the world’s top metals consumer. “This created a risk-off tone across markets, with copper the lightning rod for these concerns,” said ANZ senior commodity strategist Daniel Hynes.
China has stepped up efforts to rein in runaway metals prices, including selling supplies from state reserves, triggering a drop in steel and copper prices. The first release of metals in over a decade included 20,000 tonnes of Copper, 30,000 tonnes of zinc and 50,000 tonnes of aluminum and was concluded via a public auction conducted on Monday.
The Non-Ferrous Copper Metal Price slipped 0.62% to quote at Rs.725/KG in MCX.
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