New York, May 19 news: Copper futures on the Chicago Mercantile Exchange (COMEX) rose on Friday, and the weekly chart also closed its first positive line in five weeks.
As of the close, copper futures rose by 3.95 cents to 4.25 cents. Among them, the most actively traded July 2023 copper closed at $3.732 per pound, up 4.25 cents or 1.15% from the previous trading day.
July copper traded in a range of $3.6765 to $3.7675.
The U.S. dollar fell on Friday, supporting dollar-priced copper futures.
ICE's June U.S. dollar index was at 103.079 points, down 0.36% from Thursday.
Copper rose 0.09% in this cycle. In contrast, copper fell 3.98%, 0.19%, 2.41% and 1.97% in the previous four cycles. April copper fell 5.17%. This is also the largest monthly decline since June 2022. In the past three months, copper has closed out of the lunar line twice.
COMEX copper (near-term contract) is down 3.81% so far in May and is down 2.18% so far this year.
Copper prices fell after recent Chinese economic data dented investor confidence in the world's largest consumer of the metal. The industrial metal, used as a gauge of economic health, is down nearly 15% from its January high.
The closing price of copper (near-term contract) on Friday was 13.05% lower than the same period last year, and 24.48% lower than 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, a green transition to the global economy and electrification will help boost additional demand for the metal, which is widely used in power and construction, while copper mine production has been disrupted.
From the perspective of the external market, the June 2023 copper futures on the Shanghai Futures Exchange rose 80 yuan to 65,180 yuan/ton on Friday (May 19), up 800 yuan or 1.24% from a week ago. July bonded copper futures on the Shanghai International Energy Exchange (INE) rose 90 yuan to 57,750 yuan a tonne, up 820 yuan, or 1.44%, from a week ago.
In warehouses registered with the Shanghai Futures Exchange, copper inventories fell to 102,511 tons on Friday, down 15,872 tons from 118,383 tons a week earlier. %.
On Friday, the trading volume of COMEX copper futures was 69,117 lots, compared with 72,254 lots in the previous trading day; the number of empty positions was 210,807 lots, compared with 207,293 lots in the previous trading day.
微信扫一扫打赏
