Home > Research Prices > Copper Price Surge by Rs 10.15 at 696/KG on Strong Chinese Imports (14-APR-21)
2021-04-07 2021-03-30 2021-03-14 2021-01-14 2020-10-14 2020-04-14 2021

Copper Price Surge by Rs 10.15 at 696/KG on Strong Chinese Imports (14-APR-21)

DMCA.com

by RIM Research Team - 426 Views

Copper prices on Wednesday traded up 1.48% at Rs 689.75 per kg in the futures market.

The main factor supporting higher raw material prices is the vulnerability of global supply chains exposed by Covid and the subsequent destocking in Western countries notably in the copper trade, where Chinese imports have continued to set records.

China’s March Copper imports rose 25% from a year earlier, customs data showed, amid increasing demand for the metal. Copper imports in the first quarter totalled 1.44 million tonnes, up 11.9% year-on-year, and the highest first-quarter amount since at least 2008, according to Reuter’s data.

Arrivals of unwrought copper and products totalled 552,317 tonnes last month, the General Administration of Customs said. March imports of copper concentrate, or partially processed copper ore, were 2.17 million tonnes, the highest on record. Imports were up 22% from 1.779 million tonnes a year earlier, and up 20.5% from 1.8 million tonnes in February.

First-quarter shipments of concentrate, the supply of which is very tight globally, were up 7.4% year-on-year at 5.96 million tonnes. That is the highest first-quarter amount since at least 2008, Reuters data showed.

Goldman Sachs metals strategist Nicholas Snowdon says while the market is only now entering a period of deficits, by the second half of next year, the copper market would be at its tightest point since the mid-2000s, with very low inventories leading to concerns about scarcity. 

“We are in a supercharged, synchronized global demand surge. Chinese demand remains very strong, growing at 4% this year, underpinned by strength in infrastructure investment, strong completion phase in the property sector, and also strong recovery in consumer-led sectors.”

The MCX Copper rates in India closed at 696 Rs/KG on Wednesday, April 14, compared to the previous close of 685.85, which is 1.48% higher than the preceding closing price on Tuesday. The 30 session average copper rates are at 652.11, which is 6.31% lower than the closing price of 696 Rs/KG on Wednesday.

The Year to Date price of Copper touched a high of 735.35 and a low of 588.2 INR. The Year to Date average price of Copper is 655.13. In the futures market, the price of copper touched a month high of 696 and a low of 667.00 INR. The monthly average price of copper for April is 682.42. The MCX Copper metal price edged higher of 1.48% quoting at 696 Rs/KG in India.

The COMEX (US Metal Exchange) - Copper rates closed at 4.105 USD/lbs on Wednesday, April 14, compared to the previous close of 4.039, which is 0.0006% higher than the preceding closing price. The Copper metal price ended with a gain of 0.006%. The 30 session average copper rates are at 4.60, which is 0.005% higher than the closing price of 4.1065 USD/lbs. The Copper base metal ended with a gain of 0.005% for the 30 sessions.

In COMEX Metal Exchange, the price of copper touched a month high of 4.1400 and a low of 3.9840. The monthly average price of copper is 4.0579. The Year to Date price of Copper touched a high of 4.3215 and a low of 3.514. The Year to Date average price of Copper is 3.8985. The red metal price end with a gain of 0.066% quoting at 4.1065 USD/lbs in the COMEX Metal Exchange (US).

MCX

MCX Yearly Copper Price Data

MCX High
735.35
MCX Low
399.15
MCX Avg
544.23

COMEX

COMEX Yearly Copper Price Data

COMEX High
4.3215
COMEX Low
2.267
COMEX Avg
3.1905

MCX Year To Date Copper Price Data

MCX High
735.35
MCX Low
588.2
MCX Avg
656.89

COMEX Year To Date Copper Price Data

COMEX High
4.3215
COMEX Low
3.514
COMEX Avg
3.8985

MCX Monthly Copper Price Data

MCX High
696.00
MCX Low
667.00
MCX Avg
684.40

COMEX Monthly Copper Price Data

COMEX High
4.1400
COMEX Low
3.9840
COMEX Avg
4.0579
Category : Copper

Tags : Copper Prices