Epoxy curing agent News COMEX September 26 Copper Summary

COMEX September 26 Copper Summary

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COMEX September 26 Copper Summary


NEW YORK, September 26: Copper futures on the Chicago Mercantile Exchange (COMEX) fell for a fourth consecutive day on Tuesday as the dollar strengthened and the demand outlook in the top metal consumer country raised concerns. As of the close, copper futures fell by 2.1 cents to 2.45 cents, with the most actively traded December 2023 copper futures rising by 2.1 cents or 0.57% to close at $3.649 per pound. December copper futures traded in a trading range of $3.6275 to $3.6835. The U.S. dollar exchange rate index closed at 105.930 points on Wednesday, up 0.22% from Tuesday. The U.S. dollar is up 0.64% so far this week and 2.62% so far this month. A strong dollar makes dollar-priced metals more expensive for buyers holding other currencies, curbing demand and prices. The market is paying close attention to the demand prospects of China, the top metal consumer. China has recently introduced a series of measures to support economic growth and its struggling real estate market. But investors remain concerned about the real estate industry, one of the major users of copper. Data on Tuesday showed that U.S. new home sales fell sharply in August. Sales of new U.S. single-family homes fell more than expected in August as 30-year fixed mortgage rates jumped above 7%. The U.S. Commerce Department said on Tuesday that new home sales fell at a seasonally adjusted annual rate of 8.7% last month. The recent COMEX copper futures contract has fallen 3.91% so far this month and 4.74% so far this year; Tuesday's closing price was 9.09% higher than the same period last year, but it was still 26.46% lower than the historical peak hit on March 4, 2022. Copper fell 14.6% in 2022 as global economic growth prospects are worrying. High inflation has prompted European and American central banks to actively raise interest rates to curb inflation, exacerbating the risk of economic recession. By comparison, copper in 2020 and 2021 has recorded gains of 25% for two consecutive years. The green transformation of the global economy and electrification have helped boost additional demand for this metal widely used in the power and construction industries, while copper mines are facing Disruptions such as underinvestment and production disruptions. On Tuesday, the Shanghai Futures Exchange's November 2023 copper contract closed down 680 yuan at 67,510 yuan per ton. November bonded copper futures on the Shanghai International Energy Trading Center (INE) fell 730 yuan to 60,140 yuan per ton. On Tuesday, the trading volume of COMEX copper futures was 73,062 lots, compared with 64,714 lots on the previous trading day; the open volume was 214,832 lots, compared with 211,593 lots on the previous trading day.
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