New York, October 20: Copper futures on the Chicago Mercantile Exchange (COMEX) closed at nearly a one-year low on Friday, reflecting concerns about the outlook for global economic growth and falling for the third consecutive week on the weekly chart. .
As of the close, copper futures fell by 2.95 cents to 4.95 cents, with the most actively traded December 2023 copper closing at $3.563/lb, down 3.8 cents or 1.06% from the previous trading day, setting a new record The lowest closing price since November 5, 2022.
December copper futures traded in a range of $3.5465 to $3.59.
Copper fell 0.22% this cycle, after falling 1.56% and 2.94% respectively in the previous two weeks.
COMEX copper futures (near-term contract) have fallen 4.94% so far this month and 6.92% so far this year. Friday’s closing price is still 0.54% 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, December 2023 copper futures on the Shanghai Futures Exchange fell 360 yuan on Friday to 66,360 yuan/ton, up 30 yuan or 0.05% from a week ago. Bonded copper futures for December on the Shanghai International Energy Trading Center (INE) fell 380 yuan to 58,930 yuan per ton, up 160 yuan or 0.27% from a week ago.
In the registered warehouse of the Shanghai Futures Exchange, copper stocks on Friday (20th) were 58,223 tons, an increase of 11,419 tons from 56,894 tons a week ago. This is the second consecutive week of growth and is still higher than the peak of 252,455 tons at the end of February. 76.9% lower.
On Friday, the trading volume of COMEX copper futures was 87,712 lots, compared with 79,039 lots on the previous trading day; the short volume was 221,104 lots, compared with 219,875 lots on the previous trading day.
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