COMEX July 10 Copper Roundup

New York, July 7 news: Copper futures on the Chicago Mercantile Exchange (COMEX) rose on Friday, mainly due to the weak dollar exchange rate; the weekly chart also closed the first positive line in three weeks.

As of the close, copper futures rose by 4.35 cents to 4.75 cents. Among them, the most actively traded September 2023 copper closed at US$3.782 per pound, up 4.75 cents or 1.27% from the previous trading day.

September copper traded in a range of $3.7255 to $3.7875.

Copper rose 0.60% for the week, its first gain in three weeks. It fell 1.47% and 2.20% in the previous two weeks.

The dollar fell 0.9% on Friday, making dollar-priced commodities more attractive to buyers holding other currencies.

Friday's closing price was 6.65% higher than a year earlier. However, copper is still down 1.01% so far this year, and copper prices are currently 23.57% below the historical peak in March 2022. In contrast, COMEX copper futures fell by 14.58% 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, which exacerbated 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.

From the perspective of the external market, the August 2023 copper futures on the Shanghai Futures Exchange fell 270 yuan to 67,720 yuan/ton on Friday (July 7), but it was up 610 yuan or 0.91% from a week ago. September bonded copper futures on the Shanghai International Energy Exchange (INE) fell 370 yuan to 60,170 yuan a tonne, up 570 yuan, or 0.96%, from a week ago.

In registered warehouses of the Shanghai Futures Exchange, copper inventories on Friday (July 7) were 74,638 tons, an increase of 6,325 tons from 68,313 tons a week ago. It was 70.4% lower than its peak of 252,455 tonnes.

On Friday, the trading volume of COMEX copper futures was 58,221 lots, compared with 72,537 lots in the previous trading day; the number of empty positions was 194,117 lots, compared with 190,555 lots in the previous trading day.