Home > Research Prices > “Copper Prices Fell From 3-Week Highs On Expectations of Low Chinese Demand.”
2022-10-24 2022-10-16 2022-09-30 2022-07-31 2022-04-30 2021-10-31 2022

“Copper Prices Fell From 3-Week Highs On Expectations of Low Chinese Demand.”

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by RIM Research Team - 80 Views

Copper prices in India fell 0.30% on low Chinese demand and are trading at Rs.649.95/KG in the MCX futures.

Mumbai, India. Copper prices in India slipped 0.30% from the previous closing price and are now trading at Rs.649.95/KG (Oct-31-22) on the MCX futures. Copper prices dropped 2.1% from 3-week highs of Rs.663.9/KG on Oct 27, 2022.

Copper prices fell on Monday as China's manufacturing and import data showed slow economic activity in the World's largest Copper importer. Imports of Copper Ores & Concentrate in China decreased to 4590670 USD THO in September from 4901523 USD THO in August 2022. (Source – Trading Economics)

In October, Chinese manufacturing activity fell due to ongoing disruptions from COVID-related lockdowns and the zero-covid policy. The import data foretells even more economic weakness in the World's second-largest economy, which will likely impact Copper demand in the coming months.

Strict covid lockdowns in industrial hubs such as Shanghai and Wuhan brought the Chinese economy to a pause this year. Meanwhile, weakening manufacturing activity in other major economies, including the United States and the Eurozone, is expected to impact Copper demand in the coming months.

Industrial profits in top consumer China fell 2.3% year on year in the first three quarters due to Covid lockdowns, power shortages, and an unstable property sector in the country (Source – investing.com).

Nonetheless, rising supply concerns made enough support for Copper prices to continue their rally for a fourth straight week. Technically, the Copper market is under pressure and fluctuating to sudden highs and slows because of tight demand concerns from major economies.

The Reddish Brown Base Metal is Trading at Rs.649.95 per KG in the MCX futures.

Copper Scrap prices in India today are trading at,

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

Copper Heavy Scrap Prices (Mumbai): Rs.637/KG

Copper Wire Scrap Prices (Delhi): Rs.590/KG

Copper Utensil Scrap Prices (Mumbai): Rs.575/KG

The COMEX (US Metal Exchange)Copper prices in the US fell 1.44% from the previous closing price and almost 2.56% down from 3-week highs and are now trading at $3.43/Lbs in the CME futures.

Copper prices fell sharply on Monday as investors fear upcoming interest rate hikes by the Federal Reserve tightened policy to combat rampant inflation. Interest rates are widely expected to rise by 75 basis points this week.

Because of hawkish interest rate hike, the dollar index has remained firmer near 20-year highs. US Treasury yields were also near their highest levels since the 2008 financial crisis. On the other hand, global Copper stocks have fallen to record lows, with current inventories enough to supply world consumption for just 4.9 days. (Source - Commodity trader Trafigura)

Meanwhile, investors are concerned that low stockpiles will drive Copper prices to record lows in the coming days. Whereas Copper output from the World's largest mine was also low, indicating a negative signal for Copper prices.

Copper output in Chile, the World's largest metal producer, fell 2.6% year-on-year to 439,277 tonnes in September. (Source - Freeport- Mc Moran) As a result, the shortage risks, with the current low Copper prices, will keep the Copper market under pressure for the near term.

The Reddish Gold Base Metal is trading at $3.43 per Pound in the CME Futures.

As of today, US Copper Scrap prices are 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
728.99

COMEX

COMEX Yearly Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.0818

MCX Year To Date Copper Price Data

MCX High
871.0
MCX Low
610.3
MCX Avg
727.62

COMEX Year To Date Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.0394

MCX Monthly Copper Price Data

MCX High
670.5
MCX Low
637.05
MCX Avg
651.50

COMEX Monthly Copper Price Data

COMEX High
3.572
COMEX Low
3.332
COMEX Avg
3.4204
Category : Copper

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