New York, September 11: Copper futures on the Chicago Mercantile Exchange (COMEX) fell on Friday, falling for the first time in three weeks on the weekly chart.
As of the close, copper futures fell by 4.55 cents to 4.8 cents, with the most actively traded December 2023 copper closing at $3.7165/lb, down 4.55 cents or 1.21% from the previous trading day.
December copper futures traded in a trading range of $3.7115 to $3.7655.
Copper fell 3.52% this cycle, after rising 1.80% and 1.51% respectively in the previous two weeks.
The U.S. dollar exchange rate rose 0.84% this week, setting the longest weekly rise in nine years. A strong dollar means dollar-denominated metals are more expensive for holders of other currencies.
The tight U.S. labor market has raised concerns that the Federal Reserve may need to keep benchmark interest rates high for longer, which could curb economic growth and demand for goods.
Import data from China, the world's largest copper consumer, also showed signs of weakness. Customs data on Thursday showed that China's copper imports fell 5% year-on-year in August.
COMEX copper futures (near-term contracts) have risen 0.18% so far this year, and Friday's closing price was 11.43% higher than the same period last year. For comparison, COMEX copper futures fell 14.58% in 2022, mainly because the global economic growth prospects are worrying, and high inflation has prompted European and American central banks to actively raise interest rates to curb inflation, which has intensified the risk of economic recession. In the medium to long term, however, 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.
Looking from the external market, the October 2023 copper futures on the Shanghai Futures Exchange fell by 390 yuan on Friday (September 8) to 68,840 yuan/ton, down 630 yuan or 0.91% from a week ago. Shanghai International Energy Trading Center (INE) November bonded copper futures fell 360 yuan to 61,090 yuan per ton, down 620 yuan or 1.00% from a week ago.
In the registered warehouse of the Shanghai Futures Exchange, copper inventory on Friday (September 8) was 54,955 tons, an increase of 6,597 tons from 46,591 tons a week ago. This is also the third consecutive week of inventory growth, and is still higher than the end of February. The peak of 252,455 tons was 78.2% lower.
On Friday, the trading volume of COMEX copper futures was 79,424 lots, compared with 78,010 lots on the previous trading day; the open volume was 195,029 lots, compared with 192,642 lots on the previous trading day.
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