"Copper Prices Hits 1-Month Highs On Macro Headwinds & US Inflation Rate."

Copper prices in India reached one-month highs and are trading at Rs.705/KG in the MCX futures.

Mumbai, India. Copper prices in India have been increasing for more than six weeks and are now trading at Rs.705.5 per KG, which is 0.36% higher than the previous closing price on the MCX futures.

Copper prices are continuously rising as macroeconomic headwinds intensify. At the same time, Copper prices have nearly lost 30% of the gains this year, with record highs of Rs.871/Kg in March. Copper prices are currently supported by higher inflation, rising interest rates, and high energy prices.

Furthermore, the short-term demand outlook for Copper Red Metal remains weak due to recession fears, China's slowing economic activity despite covid curbs, and weakening global manufacturing activity. All these macroeconomic headwinds are pushing Copper prices to stay at higher levels.

With the property market and economy expected to remain weak, consumption and imports of the red metal from the world's largest consumer of base metals and industrial metals, China, will remain muted until the end of the year. Meanwhile, concerns about China's economy will keep the metal under pressure until the government further relaxes the country's Covid-19 restrictions.

We expect the Chinese government to stick to its zero-Covid policy throughout the year and to consider further relaxing some restrictions after the National People's Congress in March or April next year. China's economy is expected to improve gradually but remains sluggish until the end of the year, with its zero-Covid strategy likely to remain in place until then.

Copper Base Metal is under pressure on the demand side due to concerns about slow growth. On the supply side, ongoing disruptions in Peru's largest mine are affecting the supply chain.

Protests against Peru's new president resulted in the closure of a key mining highway near Cusco. The protest's impact on mine production was not immediately known. Still, this year's previous blockades at Las Bambas, one of the world's largest copper mines owned by China's MMG Ltd, severely disrupted operations, causing supply shortages and raising copper prices.

Although the Copper market is technically under pressure due to supply and demand side headwinds, Copper prices are on a bullish trend and are expected to rise this year.

Dr Copper - the New Gold, trading at Rs.705.5 per KG in the MCX Futures.

Copper Scrap prices in India are at positive momentum and trading at,

Copper Cable Scrap Prices (Mumbai): Rs.685/KG

Copper Heavy Scrap Prices (Mumbai): Rs.675/KG

Copper Wire Scrap Prices (Delhi): Rs.634/KG

Copper Utensil Scrap Prices (Mumbai): Rs.615/KG

The COMEX (US Metal Exchange) - Copper prices in the United States are currently trading at $3.82/lb on the CME. Copper base metal, traditionally regarded as a leading indicator of economic health, has had a difficult year. Analysts predict a resurgence in 2023, even though the global outlook remains highly uncertain.

Copper prices rose on Thursday, boosted by data showing that the rapid rise in consumer prices in the United States is slowing. According to the US Labor Department, annual inflation slowed to 7.1% in November, down from 7.7% in October. The monthly rate and core figures surprised, indicating that the worst inflationary pressures are behind us and that interest rate hikes will be slower in the US.

Copper inventories are still visible and at lower levels, with Goldman Sachs predicting a supply deficit in 2023 and prices of $11,000 per year. In November, China produced 899,600 mt of copper cathode, a 0.2% monthly decrease but an 8.9% increase yearly. The output was 3,700 mt less than expected, at 903,300 mt. From January to November, output totalled 9.41 million mt, an increase of 3.37% or 306,500 mt years on year.

Also weighing on sentiment and lower inflation rate, prompting the US Federal Reserve to increase the interest rate hikes this week. Meanwhile, the European Central Bank and the Bank of England are expected to raise interest rates this week.

According to CITIC Futures, global central banks will likely maintain tight monetary policies, slowing global economic growth and dampening copper demand in the face of rising supply in the market. As a result, we can anticipate that, aside from the United States, the global economy will suffer from higher interest rate hikes in the coming days.

Copper Price Predictions: Goldman Sachs and Bank of America believe that a combination of short-term supply constraints and long-term energy transition-related demand will drive the red metal higher.

Goldman raised its 12-month forecast to $11,000/t from $9,000/t last week and its 2023 average price forecast to $9,750/t and $12,000/t, respectively. According to Bank of America commodity strategists, Copper could reach $12,000 per ton in the second quarter of 2023.

The Reddish Berry Base metal is Trading at $3.82 per Pound in the CME futures.

Copper Scrap prices in the United States have upsurge and are trading at,

Copper No.1 Scrap Prices (US): 3.23 USD/Lbs.

Copper No.2 Scrap Prices (US): 2.84 USD/Lbs.

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