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2022-10-10 2022-10-02 2022-09-17 2022-07-17 2022-04-17 2021-10-17 2022

"Copper Prices Subdued On Global Supply-Demand Worries"

DMCA.com

by RIM Research Team - 1502 Views

Copper prices in India are flatly down to Rs.652.10/KG as demand risk offsets supply issues.

Mumbai, India. Copper prices in India settled down to Rs.652.10/KG (Oct-17-22), 1.39% lower than the previous closing price of Rs.661.95/KG on the MCX futures.

Copper prices on Monday dropped on weakening demand growth globally caused by lower manufacturing activities in major economies and fears over further interest rate hikes in the upcoming days by US fed reserve, adding negative pressures on Copper prices.

Meanwhile, because of low demand concerns, Copper inventories in warehouses monitored by the Shanghai Futures Exchange rose 109.3% from last Friday, according to a report by CITIC Futures. On the other hand, the Chinese Communist Party Congress begins on October 16, and market investors are expecting more announcements of stimulus measures to help the pandemic-affected economy.

The upcoming strong Chinese demand for Copper, combined with tight supply and open import arbitrage, has pushed the Yangshan import Copper premium to $137.50 per tonne (according to the CITIC Futures report), the highest since March 2014. However, the demand for Copper Base Metals remained uncertain as China's zero-COVID policy continued to exist.

The Reddish Copper Base Metal is Trading at Rs.652.10 per KG on the MCX futures.

Meanwhile, Indian Copper Scrap prices lost positive gains and traded at lower levels. As of now, Copper Scrap prices are at,

Copper Cable Scrap Prices (Mumbai): Rs.640/KG

Copper Heavy Scrap Prices (Mumbai): Rs.632/KG

Copper Wire Scrap Prices (Delhi): Rs.588/KG

Copper Utensil Scrap Prices (Mumbai): Rs.572/KG

The COMEX (US Metal Exchange) – US Copper prices dropped dramatically from the previous closing price and are now trading at $3.46 per Pound in the CME futures.

Rising geopolitical tensions and the expectations of the US Fed's further rate hike boosted the US dollar last week, adding negative prices on Copper prices. Meanwhile, to reduce inflationary pressures, the Fed decided to raise interest rates by 75 basis points in November, so the market investors expect there will be weakened Copper base metals demand in the coming days will largely impact Copper prices.

Stocks at warehouses of LME, COMEX, SHFE and Shanghai-bonded warehouses totalled 253,000 tonnes last week, a weekly drop of 12,000 tonnes, according to a report by CITIC Futures. Copper prices, a leading indicator of the global economy, are under pressure as recession fears and aggressive monetary policy by global central banks dampen Copper's rally.

The Non-Ferrous Copper Base Metal is Trading at $3.46 per Pound on the CME Futures.

While I write this article, Copper Scrap prices in the US are trading at,

Copper No.1 Scrap Prices (US): 3.04 USD/Lbs.

Copper No.2 Scrap Prices (US): 2.64 USD/Lbs.

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MCX

MCX Yearly Copper Price Data

MCX High
871.0
MCX Low
610.3
MCX Avg
733.21

COMEX

COMEX Yearly Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.1170

MCX Year To Date Copper Price Data

MCX High
871.0
MCX Low
610.3
MCX Avg
730.97

COMEX Year To Date Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.0666

MCX Monthly Copper Price Data

MCX High
670.5
MCX Low
642.85
MCX Avg
653.26

COMEX Monthly Copper Price Data

COMEX High
3.572
COMEX Low
3.372
COMEX Avg
3.4289
Category : General

Tags : Copper Price, MCX Copper Price, Copper Prices India, COMEX Copper Prices, Copper Prices US