Home > Research Prices > "Copper Prices Retreats From 5-Month Highs On Geopolitical Concerns."
2022-11-09 2022-11-01 2022-10-16 2022-08-16 2022-05-16 2021-11-16 2022

"Copper Prices Retreats From 5-Month Highs On Geopolitical Concerns."

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by RIM Research Team - 1514 Views

Copper prices in India are now trading at Rs.692.4/KG, down 1.23% from the previous closing price in the MCX futures.

Mumbai, India. Copper prices in India declined 1.23% or Rs.8.60/KG from the previous settlement price and are now trading at Rs.692.4/KG in the MCX futures.

Copper prices fell on Wednesday due to rising COVID-19 cases in top metals consumer China, while geopolitical risks also weighed on copper prices, causing them to fall from recent 5-month highs. Earlier on Monday, copper prices reached their highest level since June due to a slower rate hike pace and a weaker dollar index.

The major geopolitical issues currently impacting Copper prices are China's Zero-COVID policy, Russia Cutting Off Gas to Europe, Food Insecurity Crisis, Soaring Energy Costs, Deglobalization and Asian Territorial Disputes.

COVID-19 cases have continued to rise in major industrial hubs in Chinese cities such as Beijing and Guangzhou. According to a news report, 20,199 new COVID-19 infections were reported on November 15, up from 17,909 cases the day before.

According to official data from China, new home prices in China fell faster in October as persistent COVID-19 curbs, a faltering economy, and property woes weighed on Copper's demand. On the other hand, a weaker dollar index makes dollar-priced metals less expensive for buyers using other currencies, supporting lower Copper prices.

Technically, the Copper market is bullish, with significant gains since the first three quarters of 2022. Expectations that China will relax some of its COVID-19 rules and a softer-than-expected interest rate hike by a major central bank will keep Copper prices trading at moderately high levels in the coming days.

Dr Copper - the New Gold, trading at Rs.692.4 per KG in the MCX Futures.

Copper Scrap prices also boosted up and are now trading at,

Copper Cable Scrap Prices (Mumbai): Rs.677/KG

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

Copper Wire Scrap Prices (Delhi): Rs.630/KG

Copper Utensil Scrap Prices (Mumbai): Rs.605/KG

The COMEX (US Metal Exchange) - US Copper prices dipped 2.07% from the previous closing price and are now trading at $3.78/Lbs in the CME futures. Copper's higher-level rally halted on Tuesday as rising COVID-19 cases, and weak factory activity in China kept copper prices below Monday's five-month high.

Copper prices increased by more than 10% in the first two weeks of November due to expectations for a relaxation of Chinese COVID controls and rumours that China relaxed its zero-Covid policy, causing Copper prices to trade at higher levels in the first part of November.

Meanwhile, the slower pace of US interest rate hikes has fueled optimism about economic growth and demand for importing Copper Base metals and other industrial metals. According to a report released this week by Fed officials Lael Brainard and Christopher Waller, the US central bank is likely to hike rates slower in the coming months.

However, they also suggested that the Fed's tightening cycle was far from over and that persistently high inflation warranted much more tightening, which influenced the dollar index to fall. While slower interest rate increases are likely to have a short-term impact on Copper prices in the long run.

Investors anticipate the Fed will raise interest rates by only 50 basis points in December. Despite this, interest rates will be at their highest since the 2008 financial crisis. Technically, rising US interest rates weighed heavily on metal markets and Copper prices this year.

This year, a series of COVID lockdowns in China halted economic activity, severely limiting the country's appetite for copper and industrial metals imports. To help the economy recover from the pandemic, Chinese officials announced that they would provide more assistance to property developers to support the struggling real estate sector, which consumes huge tons of industrial metals.

So, if these policies are implemented, Copper demand will increase, supporting higher Copper prices in the upcoming days.

The Reddish Berry Base metal is Trading at $3.78 per Pound in the CME futures.

Copper Scrap prices in the US today are trading at,

Copper No.1 Scrap Prices (US): 3.10 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
726.38

COMEX

COMEX Yearly Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.0532

MCX Year To Date Copper Price Data

MCX High
871.0
MCX Low
610.3
MCX Avg
725.17

COMEX Year To Date Copper Price Data

COMEX High
4.8055
COMEX Low
3.2455
COMEX Avg
4.0204

MCX Monthly Copper Price Data

MCX High
703.5
MCX Low
653.05
MCX Avg
679.87

COMEX Monthly Copper Price Data

COMEX High
3.9383
COMEX Low
3.4245
COMEX Avg
3.6711
Category : Copper

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