Home > Research Prices > "Copper Prices Sparked Higher On Supply Disruptions In Peru & Low Inventories."
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"Copper Prices Sparked Higher On Supply Disruptions In Peru & Low Inventories."

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by RIM Research Team - 124 Views

Copper prices in India hit 2-month highs, reaching Rs.679.05/KG in the MCX futures.

Mumbai, India. Copper prices in India rose 2.18% or Rs.14.45/KG higher than the previous closing price, touching Rs.679.05/KG on the MCX Futures.

Copper prices hit 2-month highs on Monday as rumours circulated that China, the world's largest consumer of base metals, was relaxing its zero-covid policy, adding positive pressure on Copper prices.

However, when enquired about the relaxation of covid restrictions, Chinese health officials stated that hopes for a relaxation of the country's strict Covid-19 restrictions had been dashed. They insisted at a press conference that China would "unwaveringly" adhere to its zero-Covid policy, which includes lockdowns, quarantining, and rigorous testing to prevent the spread of the coronavirus.

"Our China economist is very skeptical about these rumours. He reckons that, with the low level of vaccination, the government will not move any time soon," said Caroline Bain, chief commodities economist at Capital Economics. As China gave pertinent information about its zero-covid policy, investors worried about metals' demand amid recession threats and Chinese demand concerns.

However, Copper prices were heavily supported by the latest disruption at Peru's Las Bambas mine, which had begun to reduce operations due to recent blockades. Technically, the Copper market is now at a fresh beginning, and disruptions in Peru have sparked new concerns about the metal's supply against lower inventories.

The Reddish Gold Metal is Trading at Rs.679.05 per KG in the MCX futures.

Copper Scrap prices in India also skyrockets to higher levels and are now trading at,

Copper Cable Scrap Prices (Mumbai): Rs.666/KG

Copper Heavy Scrap Prices (Mumbai): Rs.656/KG

Copper Wire Scrap Prices (Delhi): Rs.622/KG

Copper Utensil Scrap Prices (Mumbai): Rs.595/KG

The COMEX (US Metal Exchange) - US Copper prices surged 3.41% from the previous closing price, hitting $3.64/Lbs in the CME futures.

Copper prices skyrocketed to 2-month highs as the Las Bambas Copper mine in Peru has begun to reduce operations due to recent blockades by local communities. Las Bambas, owned by the Chinese firm MMG Ltd, is one of the world's largest Copper mines. Still, it has been subjected to frequent disruptions due to pollution issues from local indigenous communities.

Total Copper production in Chile, the world's largest producer, fell 4.27% in September to 428,300 tonnes, according to the government body Cochilco. According to the International Copper Study Group (ICSG), the global refined Copper market had a 16,000-tonne deficit in August, down from 80,000 tonnes in July. The ICSG also stated that the world's refined Copper output in August was 2.16 million tonnes, while consumption was 2.18 million tonnes.

Copper stocks in the LME warehouse dropped 5,375 tonnes on Friday to 88,600 tonnes, the lowest since April. Copper inventories in warehouses monitored by SHFE fell 6.9% on-week to 59,064 tonnes on Friday. (Source – Market Screener)

However, Copper prices were supported by low inventories and supply disruptions in Peru, easing fears of aggressive Fed rate hikes, and the upcoming US jobs report may impact copper prices in the coming days.

Dr Copper, the New Gold, is Trading at $3.64 per Pound in the CME Futures.

US Copper Scrap prices are flagging higher and are now trading at,

Copper No.1 Scrap Prices (US): 3.20 USD/Lbs.

Copper No.2 Scrap Prices (US): 2.70 USD/Lbs.

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MCX

MCX Yearly Copper Price Data

MCX High
871.0
MCX Low
610.3
MCX Avg
727.60

COMEX

COMEX Yearly Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.0683

MCX Year To Date Copper Price Data

MCX High
871.0
MCX Low
610.3
MCX Avg
726.29

COMEX Year To Date Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.0285

MCX Monthly Copper Price Data

MCX High
678.05
MCX Low
653.05
MCX Avg
662.65

COMEX Monthly Copper Price Data

COMEX High
3.6435
COMEX Low
3.4245
COMEX Avg
3.5058
Category : Copper

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