Copper Prices Fell on Friday, the First Weekly Decline in More Than a Month

On Multi Commodity Exchange, the Red Metal Price slipped Rs 21.05, or 2.64 percent, to Quote at Rs 777.05 per kg.

Nagercoil, India. The MCX Copper rate in India closes at Rs.777.05 per kg on Friday, May 14, compared to the previous close of 798.1, which is 2.64% lower than the previous closing price on Thursday, May 13^th. “Copper prices fell on Friday, with the London contract set for its first weekly decline in more than a month, on worries of tightening credit that could potentially cap demand for the metal. Softer credit growth in China is seen as a sign of peaking demand. China’s government saying they will deal with price surge doesn’t bode well,” said Motilal Oswal.

The reddish-brown metal ended the week with a loss of Rs 21.05 or 2.64 percent on the domestic bourse. The prices declined in three out of five trading sessions on the MCX. The Year to Date price of Copper touched a high of 798.10 and a low of 588.2 INR. The Year to Date average price of Copper is 678.71. In the futures market, the cost of Copper touched a month high of 798.10 and a low of 753.35 INR. The monthly average price of Copper for May is 775.62. The value of May contracts traded on Friday was Rs 5,090.05 crore and Rs 210.34 crore, respectively.

China will monitor changes in overseas and domestic markets and effectively cope with a fast increase in commodity prices, the state council said. The growth of outstanding total social financing (TSF), a broad measure of credit and liquidity in China, slowed to 11.7 percent in April from a year earlier and from 12.3 percent in March. TSF is seen as a key indicator for metal demand in China.

Prices initially moved higher as traders bet on demand prospects from metal-reliant renewable energy and electric vehicles (EV) sectors and as the global economy steadily recover from the fallout of the COVID-19 pandemic.

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited, said, “For the upcoming week, MCX Copper is likely to continue its bullish momentum towards a new all-time high. Traders can go for a buy-on-dips opportunity in MCX Copper from the downside support around Rs 768-767.20, keeping a stop loss at Rs 762 to chase the target at Rs 797”.

The base metal price settled with a loss of 2.64 percent at Rs. 777.05 per kg per in MCX.

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The COMEX (US Metal Exchange) - Copper rates closed at 4.69 USD/lbs on Friday, May 14. Many analysts expect the metal, used in construction and power, to rise further as the global economy rebounds and moves from fossil fuels to copper-intensive electrification. "Supply is relatively tight while demand keeps expanding," said Wisdom Tree analyst Nitesh Shah. "I think it will start going up again." Chinese demand for copper is likely to remain strong as local governments plough money into infrastructure, he added.

The Copper metal price ended with a loss of 0.64%.  In COMEX Metal Exchange, the price of copper touched a month high of 4.8000 and a low of 4.4620. The monthly average price of copper is 4.6350. The Year to Date price of Copper touched a high of 4.8000 and a low of 3.514. The Year to Date average price of Copper is 4.0374. The red metal price end with a loss of 0.64% quoting at 4.69 USD/lbs in the COMEX Metal Exchange (US).

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited, said, “Copper came down after the increased margin by China and closed in red after five-odd weeks, the dollar also firmed after US consumer prices rising at their fastest pace in nearly 12 years raising the concern of interest rate hike to subdue inflationary pressures. We also witnessed that LME has increased margins to trade which will curb fresh buying. Some additional correction cannot be ruled out next week, and buying on dips is advisable.”

The reddish-brown metal Price ended the week with a loss of 0.64 percent at 4.69 USD/lbs in the COMEX (US Metal Exchange).