New York, August 21 news: Copper futures on the Chicago Mercantile Exchange (COMEX) rose for the third consecutive day on Monday, hitting a one-week high.
As of the close, copper futures rose by 1.2 cents to 1.5 cents. Among them, the most actively traded September 2023 copper closed at US$3.7185/lb, up 1.25 cents or 0.34% from the previous trading day. Highest close since Aug. 14.
September copper traded in a range of $3.6845 to $3.7305.
In the past three trading days, copper futures have risen by 1.66%.
A weaker U.S. dollar on Monday supported dollar-priced copper.
The near-term contract of COMEX copper futures fell 7.07% so far this month and 2.46% so far this year. The closing price on Monday was 1.13% higher than the same period last year, but 24.69% lower than the historical peak set 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 U.S. Commodity Futures Trading Commission (CFTC) shows that speculative funds sold a net of nearly 40,000 lots in the U.S. copper futures market for the second consecutive week. As of August 15, speculative funds held a net short position of 18,127 lots in the COMEX copper futures and options market, an increase of 14,732 lots from the previous week. For comparison, the previous week saw net sales of 24,098 lots.
The September 2023 copper contract on the Shanghai Futures Exchange closed up 260 yuan at 68,190 yuan a tonne on Monday. Bonded copper futures for October delivery on the Shanghai International Energy Exchange (INE) rose 240 yuan to 60,480 yuan a tonne.
In warehouses registered with the Shanghai Futures Exchange, copper inventories stood at 39,228 tonnes on Friday (August 18), down 13,687 tonnes from 52,915 tonnes a week earlier and 84.5% lower than the peak of 252,455 tonnes at the end of February.
On Monday, the trading volume of COMEX copper futures was 88,889 lots, compared with 74,440 lots in the previous trading day; the number of empty positions was 218,314 lots, compared with 221,808 lots in the previous trading day.
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