New York, August 28 news: Copper futures on the Chicago Mercantile Exchange (COMEX) were mixed on Monday, with the benchmark contract rising slightly.
As of the close, copper futures ranged from a rise of 1 cent to a fall of 0.6 cents. Among them, the most actively traded December 2023 copper closed at $3.792 per pound, up 0.8 cents or 0.21% from the previous trading day.
December copper traded in a range of $3.78 to $3.829.
A weaker U.S. dollar on Monday supported dollar-priced copper.
The near-term contract of COMEX copper futures fell 6.02% so far this month and 1.35% so far this year. The closing price on Monday was 3.52% higher than the same period last year, but 23.84% lower than the historical peak set in March 2022. In 2022, COMEX copper futures fell by 14.6%, mainly because the outlook for global economic growth is worrying. High inflation has prompted European and American central banks to actively raise interest rates to curb inflation, exacerbating the risk of economic recession. In contrast, 2020 and 2021 copper has recorded two consecutive years of gains of 25%, the global economic green transition and electrification will help boost the additional demand for this widely used metal in the power and construction industries, while copper mines face Disruptions such as underinvestment and production disruptions.
From the perspective of fund dynamics, the position data released by the US Commodity Futures Trading Commission (CFTC) shows that speculative funds have reduced their net short positions in the US copper futures market. As of August 22, speculative funds held a net short position of 15,109 lots in the COMEX copper futures and options market, a decrease of 3,018 lots from the previous week. For comparison, net sales of 14,732 lots were recorded in the previous week.
The October 2023 copper contract on the Shanghai Futures Exchange closed up 70 yuan at 68,940 yuan a tonne on Monday. Bonded copper futures for October delivery on the Shanghai International Energy Exchange (INE) rose 10 yuan to 61,310 yuan a tonne.
In warehouses registered with the Shanghai Futures Exchange, copper inventories stood at 40,585 tonnes on Friday (August 25), up 1,357 tonnes from 39,228 tonnes a week earlier but 83.9% below the peak of 252,455 tonnes at the end of February.
On Monday, the trading volume of COMEX copper futures was 69,763 lots, compared with 96,762 lots in the previous trading day; the empty position was 196,452 lots, compared with 199,821 lots in the previous trading day.
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