Copper Price Dropped for the Second Successive Week (21, May-2021)

The Reddish-Brown Metal Ended the Week with a Loss of Rs 33.25 or 4.30 Percent to Quote at Rs 749.70 Per Kg.

Nagercoil, India. The MCX Copper rate in India closes at Rs.749.70 per kg on Friday, May 21, which is 0.33% lower than the previous closing price of Rs.752.15 on Thursday, May 20th^. . Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited, believes that the demand for the copper is coming down and supply are coming strongly and China’s efforts to curb raw material prices.

The Base Metal ended the week with a loss of Rs 33.25 or 4.30 percent on the domestic bourse. The prices fell 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 682.82 INR. The Year to Date average price of Copper is 588.2. In the futures market, the cost of Copper touched a month high of 798.10 and a low of 749.70 INR. The monthly average price of Copper for May is 773.5. The value of May contracts traded on Friday was Rs 4,221.20 crore and Rs 991.21 crore, respectively.

Sterlite Copper Chief Executive Officer Pankaj Kumar told Business Line in an email response that the supply and demand factors are driving the ongoing price trend in copper with both aspects casting their influence. Copper price declined for the second successive week since the copper price turned negative in the LME market in addition to the news that China plans to strengthen the management of both supply and demand sides to curb unreasonable increases in commodity prices and prevent the pass-through to consumers.

Kshitij Purohit, Product Manager, Currency & Commodities, CapitalVia Global Research Limited, said, “We believe that the demand for the copper is coming down and supply are coming strongly and China’s efforts to curb raw material prices. Technically chart is weak and likely to touch 50 days SMA at Rs 720 regions.”

“Domestically, MCX Copper May on the weekly chart has formed a Bearish Shooting Star Candlestick where could see a Bearish momentum up to Rs 735-696 level while resistance is at 768-788 levels,” Sriram Iyer, Senior Research Analyst at Reliance Securities, said, noted. “For the upcoming week, MCX Copper is likely to continue its bearish momentum towards Rs 720 levels. Traders may find the sell on rise opportunity in MCX Copper from the resistance around Rs 747-748, keeping a stop loss at Rs 752.70 to chase the target at Rs 720,” said Purohit.

The Reddish-Brown Metal Price settled with a loss of Rs 33.25 or 4.30 Percent to Quote at Rs 749.70 per Kg on the MCX.

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The COMEX (US Metal Exchange) - Copper rates closed at 4.54 USD/lbs on Friday, May 21. In fact, analysts are split in their view over copper with some projecting a decline in prices but some like Bank of America projecting prices to top $25,000 by 2025.

The Copper Metal price ended with a loss of 0.66%.  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 4.6427. 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 4.0601. The red metal price slipped 0.66% quoting at 4.54 USD/lbs.

Sterlite Copper Chief Executive Officer Pankaj Kumar told that mining production is set to go up with the world overcoming Covid. “A number of new copper mines are also scheduled to come online within this year and beginning of next year. So, demand is likely to continue rising but prices are expected to cool off with the added supply,” he said.

The Non-Ferrous Copper Metal Price end with a loss of 0.66% to quote at 4.54 USD/lbs in COMEX (US Metal Exchange)