New York, August 29 news: Copper futures on the Chicago Mercantile Exchange (COMEX) rose on Tuesday, hitting a new high in nearly two weeks.
As of the close, copper futures rose by 3.85 cents to 4.9 cents, and the most actively traded December 2023 copper rose 4.7 cents, or 1.24%, to close at $3.839 per pound.
December copper traded in a range of $3.787 to $3.84.
The U.S. dollar fell on Tuesday, supporting copper prices priced in the U.S. dollar, as it means copper is cheaper for buyers holding other currencies. ICE U.S. Dollar Index closed at 103.471 points, down 0.50% from Monday.
The near-term contract of COMEX copper futures fell 5.04% so far this month, and copper futures fell 0.33% so far this year, reflecting the market's concerns about the continued interest rate hikes in major western economies and the outlook for global economic growth. The closing price on Tuesday was 7.00% higher than this time last year. Copper futures fell 14.6% in 2022, as the outlook for global economic growth is worrying. High inflation has prompted central banks in Europe and the United States to aggressively raise interest rates to curb inflation, exacerbating the risk of a recession. In contrast, 2020 and 2021 copper has recorded two consecutive years of gains of 25%, the global economic green transition and electrification will help boost the additional demand for this widely used metal in the power and construction industries, while copper mines face Disruptions such as underinvestment and production disruptions.
The October 2023 copper contract on the Shanghai Futures Exchange rose 250 yuan to 69,090 yuan a tonne on Tuesday. Bonded copper futures for November delivery on the Shanghai International Energy Exchange (INE) rose 230 yuan to 61,370 yuan a tonne.
On Tuesday, the trading volume of COMEX copper futures was 91,655 lots, compared with 69,763 lots in the previous trading day; the empty position was 192,481 lots, compared with 196,452 lots in the previous trading day.
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