New York, November 6: Copper futures on the Chicago Mercantile Exchange (COMEX) rose for the fourth consecutive day on Monday, hitting the highest closing price in more than a month.
As of the close, copper futures rose by 3.5 cents to 3.95 cents. Among them, the most actively traded December 2023 copper futures closed at $3.719/lb, up 3.75 cents or 1.02% from the previous trading day, hitting 10 The biggest one-day increase since September 27, closing at the highest closing price since September 29.
December copper futures traded in a range of $3.64 to $3.71.
In the four trading days as of Monday, copper futures rose a cumulative 6.8 cents or 1.9 percentage points.
The dollar index rose on Monday, but still hovered near a six-week low, as weak U.S. employment data released on Friday reinforced investor expectations that the Federal Reserve will keep interest rates steady again at its December meeting. The dollar fell more than 1% last week, its biggest drop since mid-July. A weaker dollar makes dollar-priced commodities cheaper for buyers holding other currencies, supporting metals prices.
U.S. factory orders exceeded expectations, which also helped attract buying into the market. U.S. factory orders are currently growing at the fastest pace since January 2021.
At the same time, copper futures face the prospect of a seasonal slowdown in consumption in winter, and the instability of China's economic recovery has also increased the uncertainty of the demand outlook.
On the news, the Panamanian government has withdrawn its threat to cancel the mining license of Canada’s First Quantum Mining Company.
The recent COMEX copper futures contract has fallen by 2.52% so far this year, and the closing price on Monday was still 2.20% higher than the same period last year. COMEX copper futures fell 14.6% in 2022, mainly because the global economic growth outlook is 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.
From the perspective of fund dynamics, position data released by the U.S. Commodity Futures Trading Commission (CFTC) showed that speculative funds made net purchases in the U.S. copper futures market for the second consecutive week. As of October 31, speculative funds held a net short position of 14,315 lots in the COMEX copper futures and options market, a decrease of 3,529 lots from a week ago. For comparison, there were net sales of 3,709 lots last week.
The December 2023 copper contract on the Shanghai Futures Exchange closed down 90 yuan on Monday at 67,450 yuan per ton. Bonded copper futures for January on the Shanghai International Energy Trading Center (INE) fell 60 yuan to 60,030 yuan per ton.
In the registered warehouse of the Shanghai Futures Exchange, copper stocks were 40,516 tons last Friday (November 3), an increase of 4,108 tons from 36,408 tons a week ago. This was the third increase in four weeks, but it was still higher than 2 The peak value at the end of the month of 252,455 tons was 84.0% lower.
On Monday, the trading volume of COMEX copper futures was 109,063 lots, compared with 95,729 lots on the previous trading day; the short volume was 218,208 lots, compared with 221,443 lots on the previous trading day.
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