New York, September 7: Copper futures on the Chicago Mercantile Exchange (COMEX) fell for the third consecutive day on Thursday.
As of the close, copper futures fell by 2.25 cents to 2.4 cents. Among them, the most actively traded December 2023 copper futures closed at $3.762/lb, down 2.4 cents or 0.63% from the previous trading day, setting a new record The lowest closing price since August 21.
December copper futures traded in a range of $3.739 to $3.793.
In the past three trading days, the benchmark contract has fallen by 2.27%.
The dollar exchange rate rose on Thursday, putting pressure on dollar-priced copper futures. The ICE U.S. Dollar Exchange Rate Index reported 105.028 points, up 0.2% from Wednesday. The U.S. dollar index has risen about 1.4% this month, reflecting concerns that the Federal Reserve may need to keep interest rates high for longer to curb rising inflation.
COMEX copper futures are up 2.09% so far this year. Thursday's closing price was 5.37% higher than the same period last year, but 24.41% lower than the historical high on March 9, 2022. For comparison, COMEX copper futures fell 14.58% in 2022, reflecting concerns about the global economic growth outlook. High inflation has prompted European and American central banks to actively raise interest rates to curb inflation, while rising borrowing costs have intensified the risk of economic recession. In the medium to long term, the green transition of the global economy and the electrification of the global economy could help boost additional demand for this widely used metal in the power and construction industries, while copper mine production has been disrupted.
On Thursday, the most actively traded October copper futures contract on the Shanghai Futures Exchange closed down 300 yuan to 69,140 yuan per ton. Shanghai International Energy Exchange (INE) November bonded copper fell 360 yuan to close at 61,380 yuan per ton.
On Thursday, the trading volume of COMEX copper futures was 78,010 lots, compared with 76,028 lots on the previous trading day; the short volume was 192,642 lots, compared with 193,597 lots on the previous trading day.
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