The Reddish-Brown Metal closed at Rs.715/KG on 06-23-2021(Wednesday), which is Rs.13 or 1.85% higher compared to the previous closing price on 06-22-2021(Rs.702/KG)
Nagercoil, India. The MCX Copper rate in India traded at Rs.715 per kg on Wednesday, June 23th. The Copper Base Metal has fallen over 15 percent after hitting an all-time high of Rs.798/INR on May 12.
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 693.65. In the futures market, the cost of Copper touched a month high of 770.6 and a low of 692.95 INR. The monthly average price of Copper for June is 734.77. The Copper price touched a yearly high of 798.10 and a low of 450.65. The yearly average price of copper is 606.73.
Tapan Patel- Senior Analyst (Commodities), HDFC Securities said, “Base metals prices traded mixed on Monday with most of the metals kept muted trading in the morning trade. Base metals traded under pressure on a stronger dollar and China crackdown fears. China announced a plan to sell state reserves of copper, aluminium and zinc, in an effort to curb a strong price rally in commodities.” “Copper prices witnessed heavy selling in past week reporting the worst weekly fall since March 2020 as China announced to sell its reserves. The market players are cautious after FED’s hawkish stance with expectations of unwinding stimulus soon”, Patel noted.
China announced to release metals from its national reserves to nonferrous processing and manufacturing firms through a public auction weighed on Investor sentiments.
The Copper Base Metal Price rose Rs.13 or 1.85% quoting at Rs.715 per kg in MCX.
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The COMEX (US Metal Exchange) - Copper Price for June 23th settled at $ 4.3170 in the CME Futures. Copper rate rose 0.6% from Friday’s settlement price, touching $4.18 per pound ($9,196 per tonne) midday Monday. The Reddish-Brown Metal has fallen over 15 percent after hitting an all-time high of $10,746/tonne on May 10.
In COMEX Metal Exchange, the price of copper touched a month high of 4.653 and a low of 4.1250. The monthly average price of copper is 4.4185. 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 4.1379. The Copper rate for yearly touched a month high of 4.8000 and a low of 2.6505. The yearly average price of copper is 3.6115.
China’s copper exports edged up for a third straight month in May to their highest level since March last year, customs data showed on Friday, as higher international prices encouraged traders to ship more metal overseas. China is the world’s top copper consumer, and rarely exports large amounts. However, last month’s surge in London Metal Exchange copper prices to a record high has not only made imports less favorable for China, but also incentivized shipments in the other direction. Exports of unwrought copper and copper products were 79,044 tonnes last month, 3.4% up from April and up 67.7% year-on-year.
The Non-Ferrous Copper Metal Price raised 2.06% to quote at 4.3170 USD/lbs in COMEX (US Metal Exchange).
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COMEX Yearly Copper Price Data
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COMEX Monthly Copper Price Data