Copper Prices Slid to Seven-Week Lows (17-JUNE-21)

On the Multi Commodity Exchange (MCX), Copper Prices on Thursday Slipped 3.32% to Quote at Rs.719.60 per Kg.

Nagercoil, India. The MCX Copper rate in India closes at Rs.719.60 per kg on Thursday, June 17th. As per the Reuters report, Copper Prices fell to their lowest in nearly two months, weighed down by supply pressure after top consumer China announced a plan to sell its national reserves of the metal to stabilize prices.

The Non-Ferrous Copper Metal traded at Rs.719.6/KG on June 17th. 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 693.36. In the futures market, the cost of Copper touched a month high of 770.6 and a low of 719 INR. The monthly average price of Copper for June is 743.8. The Base Metal Price for June dropped 3.32% quoting at Rs. 719.60 per kg in MCX.

Avinash Gorakshkar, Head of Research at Profitmart Securities said, "Copper prices have fallen to its two month low. This copper price crash is triggered by the Chinese announcement to use its copper reserves instead of importing copper from the global merchandize. This has triggered selloff in the copper stocks but we can soon witness trend reversal as Chinese fear is more sentimental than fundamental in nature."

Ravi Singhal, Vice Chairman at GCL Securities said, "Chinese government has announced that it will use its copper, aluminum and zinc reserves for its domestic usages via public bidding. That means they are in mood to discourage import of these metals and hence in next one week to a fortnight, we can witness selloff pressure in the metal segment. But, it would be more an opportunity than to get panic.

The Reddish-Brown Metal Price dropped 3.32 percent to quote at Rs.719.60 per Kg in MCX.

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The COMEX (US Metal Exchange) - Copper Price for June 17th settled at $4.17 on the COMEX market in New York. “Metals were suffering from equity markets that started to fall, and tapering and potential rises in interest rates unnerving investors,” said Malcolm Freeman, a director at UK broker Kingdom Futures.

The Copper Base Metal traded at 4.17 USD/lbs. In COMEX Metal Exchange, the price of copper touched a month high of 4.653 and a low of 4.1725. The monthly average price of copper is 4.4701. 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 4.1371. The Red Metal price closes at 4.17 USD/lbs, which is 1.61% lower than the previous closing price of 4.27 USD/lbs.

London Metal Exchange was down 0.8 per cent at $9,242.50 a tonne, pushing its loss for the week to 7.6 per cent and putting it on track for its steepest weekly fall since March last year, when the coronavirus hit demand.

Shanghai Futures Exchange dropped to 66,960 Yuan ($10,394) a tonne, its lowest since April 15, before paring some losses to close at 67,260 Yuan a tonne, still down 2.6 per cent.

The Non-Ferrous Copper Metal traded at 4.1725 USD/lbs in COMEX (US Metal Exchange).