New York, July 17 news: Copper futures on the Chicago Mercantile Exchange (COMEX) fell for a second straight day on Monday and posted their biggest one-day drop in more than a month.
As of the close, copper futures fell by 8.5 cents to 9.0 cents. Among them, the most actively traded September 2023 copper closed at $3.844 per pound, down 8.9 cents or 2.26% from the previous trading day. It was the biggest one-day drop since May 11.
September copper traded in a range of $3.7425 to $3.788.
In the past two trading days, copper futures fell by 2.48%.
Analysts said that the economic data released by China on Monday fell short of analysts' expectations, coupled with the absence of more stimulus measures, the market continued to be sold by speculative funds.
The recent COMEX copper futures contract has risen 2.43% so far this month and 0.70% so far this year. Monday's closing price was 14.46% higher than the same period last year, but still 22.26% lower than the historical peak hit 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, copper has recorded two consecutive years of gains of 25% in 2020 and 2021, as the green transition of the global economy and electrification help boost additional demand for the metal, which is widely used in the power and construction industries, while copper mines face challenges. Disruptions such as underinvestment and production disruptions.
The August 2023 copper contract on the Shanghai Futures Exchange closed down 710 yuan at 69,170 yuan a tonne on Monday. Bonded copper futures for October delivery on the Shanghai International Energy Exchange (INE) fell 660 yuan to 61,450 yuan a tonne.
From the perspective of fund dynamics, the position data released by the US Commodity Futures Trading Commission (CFTC) showed that speculative funds sold net in the US copper futures market for the third consecutive week. As of July 11, speculative funds held a net long of 3,787 contracts in the COMEX copper futures and options market, a decrease of 5,309 contracts from a week ago. For comparison, the previous week saw net sales of 11,682 lots.
In the registered warehouse of the Shanghai Futures Exchange, copper inventories on Friday (July 14) were 82,690 tons, an increase of 8,052 tons from 74,638 tons a week ago. It was 67.2% lower than its peak of 252,455 tonnes.
On Monday, the trading volume of COMEX copper futures was 90,052 lots, compared with 95,876 lots in the previous trading day; the number of empty positions was 213,497 lots, compared with 208,795 lots in the previous trading day.
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