Home > Research Prices > Copper Price Rockets to All-Time High on Rising Demand(07, May-2021)
2021-04-30 2021-04-22 2021-04-07 2021-02-07 2020-11-07 2020-05-07 2021

Copper Price Rockets to All-Time High on Rising Demand(07, May-2021)

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by RIM Research Team - 446 Views

Copper has topped its record price, reaching Rs.773 per Kg on the Multi Commodity Exchange (MCX) in India.

Nagercoil, India. The MCX Copper rates in India closes at Rs.773 per kg on Friday, May 7. Copper price settled at a new all-time high in LME, COMEX and MCX supported fuelled speculators and industrial buyers on the back of healthy economic data as global economies revive from the pandemic.

The red metal ended the week with an increase of Rs 773 or 2.61% for a fourth straight weekly. Copper prices jumped in three out of the five trading sessions on the MCX. The Copper price for May rose by Rs 19.65, or 2.61%, to close at Rs 773 per kg on Friday, May 7. The Year to Date price of Copper touched a high of 773 and a low of 588.2 INR. The Year to Date average price of Copper is 673.13. In the futures market, the cost of Copper touched a month high of 773 and a low of 753.35 INR. The monthly average price of Copper for May is 761.04.

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited, said, “MCX Copper has traded in a moderately bullish trend for the week. Copper future has formed a cup and handle chart pattern on the daily chart, and the price has remained in quite bullish suggestion for the coming week.”

Sriram Iyer, the Senior Research Analyst at Reliance Securities, said, “Technically, LME Copper hit a 52wks high level at $10,368.75 level where prices have shifted to new range zone indicating a strong bullish trend up to $10,440-$10,600 levels while support is at $10,200-$9,980 levels.” Domestically, MCX Copper hit an All-time high level of Rs 783.80 levels and trading on an uncharted territory where prices have shifted to a new range zone. Resistance is at Rs 792-800 levels, whereas support is at Rs 771-758 levels.

Iyer added, “Prices could continue to move higher. However, some profit-taking could not be ruled out as technically, prices are extremely overbought. In the short term, there are no significant fundamental challenges that the markets are facing.” “In the medium to the longer-term horizon, fundamentally, the only major risk that the market could potentially face in a few weeks could be the withdrawal of easy monetary policy from China,” he noted.

The global copper market should see a surplus of 79,000 tonnes this year, and of 109,000 tonnes in 2022, the International Copper Study Group (ICSG) said. The Non-Ferrous Metal Price settled with a gain of 2.61 percent at Rs. 773 per Kg in MCX India.

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The COMEX (US Metal Exchange)Copper rates closed at 4.61 USD/lbs on Friday, May 7. Copper prices climbed to record high for the first time in more than a decade, fueled by bets on a U.S.-led global economic rebound that would boost demand for metals used in manufacturing and construction.

Jigar Trivedi, Research Analyst- Commodities Fundamental, Anand Rathi Shares & Stock Brokers said, “LME Copper closed above $10,000 as traders are just waiting for history to witness as Copper inching towards a record high of $10,190. On the other side, COMEX copper has already hit an all-time high of $4.63 per pound.”

Copper rates closed at 4.61 USD/lbs on May 7. The Copper metal price ended with a gain of 1.99%.  In COMEX Metal Exchange, the price of copper touched a month high of 4.1400 and a low of 3.9840. The monthly average price of copper is 4.0579. The Year to Date price of Copper touched a high of 4.3215 and a low of 3.514. The Year to Date average price of Copper is 3.8985. The red metal price end with a gain of 1.99% quoting at 4.61 USD/lbs in the COMEX Metal Exchange (US)

 

MCX

MCX Yearly Copper Price Data

MCX High
773.00
MCX Low
413.55
MCX Avg
567.02

COMEX

COMEX Yearly Copper Price Data

COMEX High
4.6090
COMEX Low
2.3335
COMEX Avg
3.3395

MCX Year To Date Copper Price Data

MCX High
773.00
MCX Low
588.2
MCX Avg
673.13

COMEX Year To Date Copper Price Data

COMEX High
4.6090
COMEX Low
3.514
COMEX Avg
3.9967

MCX Monthly Copper Price Data

MCX High
773.00
MCX Low
753.35
MCX Avg
761.04

COMEX Monthly Copper Price Data

COMEX High
4.6090
COMEX Low
4.4620
COMEX Avg
4.5472
Category : Copper

Tags : Copper Prices