COMEX June 13 Copper Roundup

New York, June 13 news: Copper futures on the Chicago Mercantile Exchange (COMEX) rose on Tuesday, hitting their highest value in more than a month.

As of the close, copper futures rose by 6.05 cents to 7.90 cents, and the most actively traded July 2023 copper rose 7.90 cents or 2.11% to close at $3.831 per pound. highest closing price.

July copper traded in a range of $3.745 to $3.864.

The People's Bank of China unexpectedly lowered a series of policy rates on Tuesday, including a key short-term rate that affects interbank liquidity, and a higher rate seen as the upper limit of the interest rate corridor. In addition, the market is also rumored that China is expected to introduce a stimulus package to boost real estate and domestic demand. An improving economic outlook in China, the world's top metals consumer, is helping to boost metals demand.

The dollar fell 0.3% to a three-week low on Tuesday, as U.S. personal consumer inflation fell to 4% year-over-year in May, the slowest year-on-year increase in more than two years, reinforcing concerns that The Fed will pause expectations for a rate hike on Wednesday.

The recent COMEX copper futures contract has risen 5.44% so far this month and 0.60% so far this year, but Tuesday's closing price was still 8.00% lower than the same period last year and 22.33% lower than the historical peak reached 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 July 2023 copper contract on the Shanghai Futures Exchange closed up 240 yuan at 67,100 yuan a tonne on Tuesday. Bonded copper futures for August delivery on the Shanghai International Energy Exchange (INE) rose 330 yuan to 59,610 yuan a tonne.

On Tuesday, the trading volume of COMEX copper futures was 162,051 lots, compared with 114,761 lots in the previous trading day; the number of empty positions was 218,576 lots, compared with 227,729 lots in the previous trading day.