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2022-06-24 2022-06-16 2022-06-01 2022-04-01 2022-01-01 2021-07-01 2022

"Copper Prices Fall 15-Month-Lows a Negative Signal for Global Economy."

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by RIM Research Team - 508 Views

Copper prices in India hit 15-month lows and are trading at Rs.682.10 per KG on July 01, 2022 in the Multi Commodity Exchange

Mumbai. India. Copper prices in India hit 15-month lows and are trading at Rs.682.10 per KG on July 01, 2022, 2.78% or Rs.19.50 down from the previous close price and the lowest since April 2021.

Copper prices are a great indicator for evaluating the health of a global economy as "Copper Base Metal" is widely used as a raw material across industries operating within an economy. The current price drop in Copper Base Metal suggesting a negative signal for global economy.

Copper prices fell to their lowest quarterly level since March 2020 on Friday as investors worried about a possible recession caused by interest rate hikes and slowing demand growth in China. Copper prices are on a bullish track and almost have fallen more than 20 percent from the recent March 2022 hike – Rs.891 per KG.

CHINA: The surge of new Omicron variants and new lockdowns in China dampened scrap metals and base metals demand for more than three months, weighing on Copper prices. Copper prices can only stabilize if Chinese demand for Copper and Scrap Metals improves.

The Reddish-Brown Metal is Trading at Rs.682.10 per KG in the MCX Futures.

While I write this Article, Copper Scrap Prices in India are trading at,

Copper Utensil Scrap Prices (Mumbai): Rs.625/KG

Copper Wire Scrap Prices (Delhi): Rs.646/KG

The COMEX (US Metal Exchange) - Copper prices fell 3.72% from Thursday's settlement price, touching $3.62 per pound on Friday on the COMEX futures, the lowest since February 2021.

DOLLAR: Because of interest rate hikes by major central banks US dollar has climbed up ever since. The dollar index is on track for its biggest quarterly gain since 2016, increasing the cost of metals priced in the currency for non-US buyers.

INTEREST RATES: High-interest rate hikes have weakened Copper Base Metals demand and slowed the global economy even further. Investors/analysts are concerned that central banks' announcements of further interest rate hikes in the coming days will lead to an economic recession and cause Copper prices to fall even further.

LME INVENTORIES: Copper prices were also pressured due to low inventories in LME warehouses; Copper stockpiles in LME registered warehouses are now at 124,850 tonnes.

MANUFACTURING ACTIVITIES: Manufacturing output in Europe, Japan, Asia and other major countries fell by the most in two years in May, as China's strict COVID-19 restrictions weighed on manufacturing demand.

The Non-ferrous Copper Metal is Trading at $3.62 per pound in CME Futures

Copper Scrap prices in the US are now at,

Copper No.1 Scrap Prices (US): 3.20 USD/Lbs

Copper No.2 Scrap Prices (US): 2.70 USD/Lbs

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MCX

MCX Yearly Copper Price Data

MCX High
871.0
MCX Low
682.1
MCX Avg
757.10

COMEX

COMEX Yearly Copper Price Data

COMEX High
4.8055
COMEX Low
3.6175
COMEX Avg
4.3738

MCX Year To Date Copper Price Data

MCX High
871.0
MCX Low
682.1
MCX Avg
777.35

COMEX Year To Date Copper Price Data

COMEX High
4.8055
COMEX Low
3.6175
COMEX Avg
4.4044

MCX Monthly Copper Price Data

MCX High
682.1
MCX Low
682.1
MCX Avg
682.1

COMEX Monthly Copper Price Data

COMEX High
3.6175
COMEX Low
3.6175
COMEX Avg
3.6175
Category : Copper

Tags : Copper Prices, MCX Copper Prices, Copper Prices INDIA, COMEX Copper Prices US Copper Prices