New York, July 31 news: Copper futures on the Chicago Mercantile Exchange (COMEX) rose 2 percent on Monday, back above the 4-cent mark, on expectations that China will roll out more stimulus measures to revive economic growth, thereby Boost metal demand.
As of the close, copper futures rose by 6.95 cents to 8.15 cents. Among them, the most actively traded September 2023 copper closed at $4.008 per pound, up 8.15 cents or 2.08% from the previous trading day, a record high. Highest closing price since April 20.
September copper traded in a range of $3.908 to $4.0155.
Copper rose 6.78 percent this month, its second straight month of gains, largely on expectations that top metals consumer China will introduce more stimulus measures to support economic growth.
Last week, China's top decision-making body stated that it will optimize real estate policies in due course, expand domestic demand, accelerate the issuance of local special bonds, and boost demand for automobiles and electronic products.
The U.S. dollar fell for the second straight month in July. A weaker dollar makes dollar-denominated copper cheaper for buyers holding other currencies.
The near-term contract of COMEX copper futures has risen 4.97% so far this year. The closing price on Monday was 12.46% higher than the same period last year, but it was still 18.96% lower than the historical peak set in March 2022. COMEX copper futures fell by 14.6% in 2022, mainly because the outlook for global economic growth is worrying. High inflation 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 U.S. Commodity Futures Trading Commission (CFTC) shows that speculative funds increased their net long positions in the U.S. copper futures market for the second consecutive week, accumulatively increasing their holdings by nearly 10,000 lots. Nearly 20,000 lots were sold in three weeks. As of July 25, speculative funds held a net long position of 13,502 contracts in the COMEX copper futures and options market, an increase of 2,803 contracts from a week ago. For comparison, net buying was 6,912 lots the previous week.
The September 2023 copper contract on the Shanghai Futures Exchange closed up 680 yuan at 69,460 yuan a tonne on Monday. Bonded copper futures for October delivery on the Shanghai International Energy Exchange (INE) rose 620 yuan to 61,830 yuan a tonne.
On Monday, the trading volume of COMEX copper futures was 140,169 lots, compared with 70,179 lots in the previous trading day; the number of empty positions was 237,156 lots, compared with 235,778 lots in the previous trading day.
微信扫一扫打赏
