New York, October 27: Copper futures on the Chicago Mercantile Exchange (COMEX) rose on Friday, rising to a nearly three-week high, mainly due to the weakness of the U.S. dollar, while economic data from the top metals consumer country boosted market optimism. .
As of the close, copper futures rose from 5.65 cents to 6.55 cents, with the most actively traded December 2023 copper closing at $3.646/lb, up 6.15 cents or 1.72% from the previous trading day, setting a new record The highest closing price since October 9.
December copper futures traded in a trading range of $3.581 to $3.6595.
Copper rose 2.33% this cycle, after falling 0.22%, 1.56% and 2.94% respectively in the previous three weeks.
The U.S. dollar weakened on Friday, making dollar-priced copper futures more attractive to buyers holding other currencies.
The ICE U.S. Dollar Exchange Rate Index closed at 106.380, down 0.04% from Thursday.
Profits of Chinese industrial companies rose for the second consecutive month in September. With the government launching a series of supportive policy measures, there are signs of economic stabilization in the top metals consumer country.
COMEX copper futures (near-term contract) are still down 2.47% so far this month and 4.51% so far this year. Friday’s closing price was 4.85% higher than the same period last year. For comparison, COMEX copper futures fell 14.58% in 2022, mainly because the global economic growth prospects are worrying, and high inflation has prompted European and American central banks to actively raise interest rates to curb inflation, which has intensified the risk of economic recession. In the medium to long term, however, the green transition of the global economy and electrification could help boost additional demand for the metal, which is widely used in the power and construction industries.
Looking from the external market, December 2023 copper futures on the Shanghai Futures Exchange rose 280 yuan on Friday to 66,620 yuan/ton, an increase of 260 yuan or 0.39% from a week ago. Shanghai International Energy Trading Center (INE) bonded copper futures for December rose 220 yuan to 59,200 yuan per ton, up 270 yuan or 0.46% from a week ago.
In the registered warehouse of the Shanghai Futures Exchange, copper inventories were 36,408 tons on Friday (27th), 21,815 tons less than 58,223 tons a week ago. This was the first decrease in three weeks and lower than the peak of 252,455 tons at the end of February. 85.6%.
On Friday, the trading volume of COMEX copper futures was 105,446 lots, compared with 89,874 lots on the previous trading day; the short volume was 229,418 lots, compared with 228,224 lots on the previous trading day.
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