MCX Copper Price Declined from Record Highs (19, May-2021)

On the Multi Commodity Exchange, Copper Price for May 19, 2021, Traded at Rs 778.90 per kg.

Nagercoil, India. The MCX Copper rate in India closes at Rs.778.90 per kg on Wednesday, May 19, which is 1.02% lower than the previous closing price of 786.95 on Tuesday, May 18^th. Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited said, “MCX Copper has been trading with negative bias and price declined approximately 30 points in the previous session and traded in the support zone of Rs 756-748. A marginal correction against the current downtrend has already been witnessed and the market made a high of Rs 766.7 which could get tested again in the evening session.”

The Base Metal traded in the negative territory with a loss of Rs 8.05 or 1.02 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 681.56. 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 776.97.

It is believed that a combination of tight supply and strong demand could push copper prices back to all-time highs.  Copper, the leader metal, touched record higher levels across exchanges on the back of a tighter supply market, increasing investments towards the green revolution and revival of global economies earlier in the week.

“Global industries vouching to curb carbon emission has kept the entire industrial metals spectrum on the dais. With the world moving towards a greener environment amid the noteworthy expansion in the Electric Vehicle segment, demand for industrial metals is set to multiply in the years to come”, said Yash Sawant, Research Associate, Angel Broking Ltd.

MCX Copper price is expected to trade in a bearish trend with resistance at Rs 763 level and intermediate resistance at Rs 759 level, said Motilal Oswal.  The Base Metal slumped to Rs 8.05 or 1.02 percent on the MCX.

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The COMEX (US Metal Exchange) - Copper rates closed at 4.57 USD/lbs on Wednesday, May 19, which is 2.97% lower than the previous closing price of 4.71 on Tuesday, May 18^th. Chile’s Cochilco copper commission said that increased speculation in the market was playing a role in bolstering copper, adding: "This could push the price to new highs in the short term."

In the futures market, Copper price for May touched a month high of 4.80 and a low of 4.4620 USD/lbs. So far in the current series, the Base Metal has touched a yearly low of 2.4025 and a high of 4.8000 USD/lbs.  The Year to Date price of Copper touched a high of 4.8000 and a low of 3.514 USD/lbs. The Year to Date average price of Copper is 3.4212. The red metal price end with a loss of 2.97% in the COMEX Metal Exchange (US)

The International Copper Study Group (ICSG) pointed out that demand outside China was weak in 2020, falling by close to 10%. However, Chinese demand for copper rose 38%, offsetting the weakness elsewhere. Some of China’s purchases may have been made by the State Reserve Bureau, but the ICSG’s estimate, adjusted for stock changes in Chinese bonded warehouses, still amounts to a deficit of 456,000 ton. After its spring meeting last week, the ICSG said it expects a 79,000 ton surplus for 2021 and a 109,000 ton surplus for 2022.

Chile’s Cochilco copper commission said on May 19 Wednesday that it was significantly raising its projection for the price of copper this year to $4.30 per pound. Cochilco said that increased speculation in the market was playing a role in bolstering copper, adding: “This could push the price to new highs in the short term.” Chile’s Cochilco copper commission predicted that copper production out of Chile would hit close to 5.8 million tonnes this year, a year-on-year increase of 1.8%, but below its previous forecast of just under 6 million tonnes.

The Non-Ferrous Copper Metal Price ended with a loss of 2.97% to quote at 4.57 USD/lbs in COMEX (US Metal Exchange).