New York, May 30 news: Copper futures on the Chicago Mercantile Exchange (COMEX) fell on Tuesday, failing to extend the previous two-session upward trend, mainly due to concerns about the release of industrial activity data in top metals importer China. slow.
As of the close, copper futures fell by 1.15 cents to 1.9 cents, and the most actively traded July 2023 copper futures fell 1.9 cents, or 0.52%, to close at $3.663 per pound.
July copper traded in a range of $3.627 to $3.711.
On Wednesday, China will release its official manufacturing purchasing managers' index (PMI) for May, which analysts expect may have contracted for a second straight month.
The recent COMEX copper futures contract has fallen 5.48% so far this month and 3.88% so far this year. The closing price is 14.83% lower than the same period last year and 25.79% 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.
From the perspective of fund dynamics, the position data released by the US Commodity Futures Trading Commission (CFTC) showed that last week, speculative funds bought net for the first time in five weeks. Prior to this, the fund had been short for four consecutive weeks, with a total net sales of 42,000 lots. As of May 23, 2023, speculative funds held a net short position of 16,438 lots in the COMEX copper futures and options market, a decrease of 6,183 lots from the previous week, and a net sell of 6,451 lots in the previous week.
The July 2023 copper contract on the Shanghai Futures Exchange closed down 130 yuan at 64,930 yuan a tonne on Tuesday. July bonded copper futures on the Shanghai International Energy Exchange (INE) fell 80 yuan to 57,640 yuan a tonne.
In the registered warehouse of the Shanghai Futures Exchange, copper inventories fell to 86,177 tons on Friday (26th), a decrease of 16,334 tons from 102,511 tons a week ago. tons lower by 65.9%.
On Tuesday, the trading volume of COMEX copper futures was 103,117 lots, compared with 81,508 lots in the previous trading day; the number of open positions was 220,057 lots, compared with 218,760 lots in the previous trading day.
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