Home > Research Prices > "Copper Prices Jumped On Weaker Dollar & Increased Demand Concerns"
2022-10-20 2022-10-12 2022-09-27 2022-07-27 2022-04-27 2021-10-27 2022

"Copper Prices Jumped On Weaker Dollar & Increased Demand Concerns"

DMCA.com

by RIM Research Team - 194 Views

Copper prices in India increased to Rs.663.9/KG as the dollar fell, hoping that the progress of US interest rate hikes would slow.

Mumbai, India. Copper prices in India rose 2.02%, or Rs.13.15/KG, from the preceding closing price, gaining a three-week high of Rs.663.9/KG (Oct-27-22) on the MCX futures.

Copper prices were supported by a weaker dollar and hope that demand would strengthen amid the prospect that the Fed's interest rate hike in November would slow its tightening momentum.

Copper prices are trading 30% below their March peak of RS.871/KG due to the ongoing economic slowdown and deepening recession fears. According to the General Administration of Customs data, China imported 25.6% more Copper in September than the previous year.

Unwrought Copper and Copper product imports into China totaled 509,954.1 tonnes in September, including an anode, refined, alloy, and semi-finished Copper products. Copper imports in September increased by 2.4% over the previous month's total of 498,188.60 tonnes.

Observing China's imports in September, it is clear that copper demand in China, the main consumer, will continue to be resilient despite slower economic growth. Technically, the Copper market is experiencing short covering as prices have risen 13.15 rupees; Copper is now finding support at Rs.670.

Dr. Copper is Trading at Rs.663.9/KG on the MCX Futures.

Copper Scrap prices in India are also gained by higher 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)Copper prices in the US jumped 3.23% from the previous closing price, hitting three-week highs of $3.52/Lbs on the CME futures.

Copper prices were set to rise for the third straight week on fears that global supply and demand would tighten in the coming months because of the global recession. Copper prices surged higher as the dollar fell to a three-week low as more signs of economic activity in the United States strengthened, fueling speculation about a less hawkish Federal Reserve.

Employment growth remains strong, and many measures of economic activity in the United States are ramping up even in times of aggressive interest rates. According to the Labor Department report, employers added 263,000 more jobs last month, and the unemployment rate fell to 3.5% from 3.7%

Sentiment toward industrial metals imports improved, indicating that the US economy thrives better than previously thought under the rate hike policy. Signs of economic resilience give the Federal Reserve more flexibility to raise interest rates rapidly. This increased the value of the dollar and Treasury yields, causing Copper prices to rise.

Investors and the Copper market anticipate the central bank would widely be expected to raise interest rates by 75 basis points in the November meeting, marking the fourth such increase this year. For the time being, the trend for Copper prices may be bearish, especially as markets prepare for higher US interest rates.

Copper prices in the CME futures fared much better this week, rising 3.23% to set up a third consecutive week of gains. US

Copper Scrap prices are significantly higher 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.

Get access to Current Scrap Metal Prices and Daily Scrap Prices to receive Copper Scrap prices on WhatsApp; sign up now to get daily Copper Scrap prices in seconds.

Latest Copper Scrap Offers at RIM

Copper Scrap Sell Offer

Copper Wire Scrap Millberry

Copper Scrap Buy Offer

"Copper Cathode" - Huge Tons Required

MCX

MCX Yearly Copper Price Data

MCX High
871.0
MCX Low
610.3
MCX Avg
729.99

COMEX

COMEX Yearly Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.0900

MCX Year To Date Copper Price Data

MCX High
871.0
MCX Low
610.3
MCX Avg
728.55

COMEX Year To Date Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.0470

MCX Monthly Copper Price Data

MCX High
670.5
MCX Low
637.05
MCX Avg
651.05

COMEX Monthly Copper Price Data

COMEX High
3.572
COMEX Low
3.332
COMEX Avg
3.4167
Category : Copper

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