Home > Research Prices > "Copper Prices Hit 2-Week Highs Amid Recession Fears & Weaker China Yuan".
2022-10-18 2022-10-10 2022-09-25 2022-07-25 2022-04-25 2021-10-25 2022

"Copper Prices Hit 2-Week Highs Amid Recession Fears & Weaker China Yuan".

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by RIM Research Team - 1612 Views

On Tuesday, Copper prices in India increased to Rs.652.85/KG amid mounting recession fears.

Mumbai, India. Copper prices in India rose 1.10% or Rs.7.10/KG from the previous closing price, hitting 2-week highs of Rs.652.85/KG (Oct-25-22) on the MCX futures.

Copper prices in India rose slightly on Tuesday, despite growing uncertainty about the path of US monetary policy. Despite hopes of a dovish tilt by the Federal Reserve, the Copper markets expect the Fed to raise interest rates by 75 basis points at its November meeting.

Meanwhile, the dollar has stabilized after three straight sessions of losses the previous week, making green-priced metals more expensive for traders using other currencies. The upcoming interest rate hike will be the fourth session of the US to raise interest rates to combat inflation, which has been a major drag on Copper Base Metal prices this year.

With US interest rates expected to rise further, bullion copper prices are expected to remain under pressure in the near term. Copper Base Metal, among other industrial metals, is trading in a bearish trend after falling 30% the previous session, as a series of weak economic prints pointed to a bleak outlook for global Copper demand.

The Brownish Berry Base Metal trades at Rs.652.85/KG in the MCX futures.

Copper Scrap prices in India are also relatively higher on firmer Copper Base Metal pricing and are now trading at,

Copper Cable Scrap Prices (Mumbai): Rs.645/KG

Copper Heavy Scrap Prices (Mumbai): Rs.635/KG

Copper Wire Scrap Prices (Delhi): Rs.586/KG

Copper Utensil Scrap Prices (Mumbai): Rs.580/KG

The COMEX (US Metal Exchange) – US Copper prices fell on Tuesday to $3.39/Lbs as investors worried about the pace of economic growth in China, and the yuan has dropped to its lowest level against the dollar since 2008, making dollar-priced commodities more expensive for Chinese buyers.

China's economy recovered faster than expected in the third quarter, but the outlook is clouded by covid-19 control measures, a property slump, and weakening growth elsewhere in the world.

As a result of the current zero-covid policy, it is clear that Chinese copper demand growth will never return to previous levels, while global supply will fail to keep pace with demand during the 2020s.

According to import statistics data, China's copper imports in September were 25.6% higher than in September 2021, owing to rising demand from local government infrastructure projects. However, stockpiles in China have increased, with inventories in Shanghai Futures Exchange (SHFE) warehouses increasing to 89,566 tonnes from 30,459 tonnes at the end of last month.

Overall, the Copper market has been in a bearish trend for almost the entire year, owing to slowing economic activity, recession fears, and hawkish interest rate hikes. Meanwhile, this impact will continue into the rest of the year, with Copper prices expected to fall in the short term.

The Reddish Brown Base Metal is trading at $3.39 per Pound in the CME futures

Copper Scrap prices in the US are facing downturn momentum and are now trading at,

Copper No.1 Scrap Prices (US): 3.05 USD/Lbs.

Copper No.2 Scrap Prices (US): 2.65 USD/Lbs.

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MCX

MCX Yearly Copper Price Data

MCX High
871.0
MCX Low
610.3
MCX Avg
730.78

COMEX

COMEX Yearly Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.0976

MCX Year To Date Copper Price Data

MCX High
871.0
MCX Low
610.3
MCX Avg
729.15

COMEX Year To Date Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.0519

MCX Monthly Copper Price Data

MCX High
670.5
MCX Low
637.05
MCX Avg
650.08

COMEX Monthly Copper Price Data

COMEX High
3.572
COMEX Low
3.332
COMEX Avg
3.4087
Category : General

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