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2022-10-12 2022-10-04 2022-09-19 2022-07-19 2022-04-19 2021-10-19 2022

Copper Prices Near 3-Week Lows On Worries Over China & Global Slowdown

DMCA.com

by RIM Research Team - 2016 Views

Copper prices in India hit 3-week lows of Rs.637.05/KG in the MCX futures.

Mumbai, India. Copper prices in India settled down to Rs.637.05/KG (Oct-19-22), 1.88% lower than the previous closing price of Rs.649.25/KG on the MCX futures.

Copper prices weakened Thursday as investors expected China to relax covid restrictions this week, which would boost base metals demand. However, China failed to relax strict COVID-19 policy, and the global economic downturn dampened metals demand and weighed heavily on Copper prices.

Copper prices have fallen nearly 30% since reaching a record high of Rs.871/KG in March. Since then, Copper prices have widely ranged between Rs.700 and Rs.600 per KG. As a leading indicator of the global economy, Copper Base Metal has never reached historic highs year before and never faced such difficult challenges as it is now.

The macro headwinds continue to expand, indicating that the base metal markets will face significant challenges in the coming months. Furthermore, as interest rates rise, the dollar index strengthens, adding extra pressure to Copper prices.

Copper prices have been suffering since the beginning of the third quarter and were looking for some positive inputs to maintain all-time highs, largely supported only by Chinese demand to hit historic highs. But it hasn't been supported by China, which has faced covid curbs on multiple occasions since the beginning of 2022 and is still finding new covid cases while adhering to the zero-COVID strategy.

Dr. Copper is now trading at Rs.637.05/KG in the MCX Futures INDIA

Meanwhile, Copper Scrap prices have fallen to 2-month lows, largely due to concerns about global demand, and are now trading,

Copper Cable Scrap Prices (Mumbai): Rs.627/KG

Copper Heavy Scrap Prices (Mumbai): Rs.618/KG

Copper Wire Scrap Prices (Delhi): Rs.575/KG

Copper Utensil Scrap Prices (Mumbai): Rs.565/KG

The COMEX (US Metal Exchange)Copper prices in the US extended losses on Thursday and are now trading at $3.34 per pound on the CME futures.

Copper prices were under pressure as soaring inflation, and the prospect of more interest rate hikes largely drove concerns about the global economy and metals demand. At the same time, a firmer dollar added to the market's woes. A stronger dollar index makes metals priced in US dollars more expensive for buyers using other currencies.

According to recent data released on Wednesday, British inflation reached a 40-year high, while a US Federal Reserve official stated that the Fed was preparing to raise interest rates further to slow inflation.

What happens to valuable scrap metals during global recessions and interest rate hikes? In this environment, demand for industrial metals will be significantly reduced, causing prices to fall significantly.

So, as of now, the global economy is currently in a recession, and slower economic activity has reduced demand for base metals, with Copper prices also at all-time lows.

The Reddish-Gold Base Metal is now trading at $3.34 per pound in the CME Futures.

Copper Scrap prices in the United States have also fallen and are now trading at,

Copper No.1 Scrap Prices (US): 3.03 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
732.29

COMEX

COMEX Yearly Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.1116

MCX Year To Date Copper Price Data

MCX High
871.0
MCX Low
610.3
MCX Avg
730.22

COMEX Year To Date Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.0607

MCX Monthly Copper Price Data

MCX High
670.5
MCX Low
637.05
MCX Avg
651.24

COMEX Monthly Copper Price Data

COMEX High
3.572
COMEX Low
3.3415
COMEX Avg
3.4196
Category : Copper

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