Copper Price Increased 0.78% on Wednesday and Traded at Rs.714.60/KG

On the Multi Commodity Exchange (MCX), Copper Prices on Wednesday Traded at RS.714.60/KG.

Nagercoil, India. The MCX Copper Rate in India closed at Rs.714.60 per kg on June 30th, which is 0.78% or Rs.5.5 higher compared to the previous closing price of 709.10/INR(06-30-2021). 

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 694.54. 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 729.70. The Copper price touched a yearly high of 798.10 and a low of 450.65. The yearly average price of copper is 611.73.

Copper Prices have pulled back in recent weeks after hitting a record high in May on the back of a global economic recovery, rising investments into renewable energy and electric vehicles, as well as a tight supply outlook. Some of the pressure has come from China, with the world's second-largest economy releasing state reserves of copper, aluminium and zinc as part of its pledge to control a recent surge in commodities prices.

“For the next quarter, it will be all about how much demand from the rest of the world will be able to offset a slowing China. Most of that will depend on the success of finally getting the virus under control and seeing supply chains recover,” commodities broker Anna Stablum of Marex Spectron told Reuters.

The Reddish-Brown Metal Price increased 0.78% to quote at Rs.714.60 per Kg in MCX.

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The COMEX (US Metal Exchange) - Copper Price for June 30th settled at $ 4.29 in the CME Futures. Copper prices edged lower as rising coronavirus cases strengthened the dollar and cast doubt on a speedy rebound of some economies, while the plentiful supply of the metal also sapped its appeal.

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 4.386. 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 4.1454. The Copper rate for yearly touched a month high of 4.8000 and a low of 2.7135. The yearly average price of copper is 3.6475.

Copper Prices were also influenced by investor concerns over inflation in the United States that could lead to sooner-than-expected policy tightening.

“The market has fallen in love with copper due to its green credentials and electrification focus but a rise in demand related to that has not started to pick up yet” said Saxo Bank analyst Ole Hansen, citing rising LME stocks and low premiums.

The Red Metal price closes at 4.29 USD/lbs, which is 0.7% higher than the previous closing price of 4.26 USD/lbs.