COMEX Copper Roundup for October 26

New York, October 26: Copper futures on the Chicago Mercantile Exchange (COMEX) fell for the second consecutive day on Thursday, mainly due to the strength of the U.S. dollar.

As of the close, copper futures fell by 0.35 cents to 0.75 cents, with the most actively traded December 2023 copper futures closing at $3.5845/lb, down 0.65 cents or 0.18% from the previous trading day.

December copper futures traded in a trading range of $3.572 to $3.6195.

So far this week, the benchmark copper contract is still up 0.60 percentage points.

The U.S. dollar exchange rate index closed at 106.422 points on Thursday, up 0.07% from Wednesday. A stronger dollar means copper is more expensive for buyers holding other currencies, curbing demand and prices.

Data released by the United States on Thursday showed that the U.S. economy grew by 4.9% in the third quarter, more than twice the growth rate in the second quarter. Data showed U.S. consumer spending remains strong, which analysts pointed to as a major factor in the economy's resilience.

COMEX copper futures (near-term contract) have fallen 4.23% so far this month and 6.23% so far this year. Thursday's closing price fell 1.57% from the same period last year and is 27.60% lower than the historical peak of $4.929 hit on March 4, 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 December copper futures contract on the Shanghai Futures Exchange closed down 280 yuan to 66,600 yuan per ton. Shanghai International Energy Exchange (INE) December bonded copper fell 190 yuan to close at 59,270 yuan per ton.

On Thursday, the trading volume of COMEX copper futures was 89,874 lots, compared with 80,335 lots on the previous trading day; the short volume was 228,224 lots, compared with 224,704 lots on the previous trading day.