New York, November 3: Copper futures on the Chicago Mercantile Exchange (COMEX) rose on Friday, rising to a more than one-month high, mainly due to the weakness of the U.S. dollar.
As of the close, copper futures rose by 0.75 cents to 0.95 cents, with the most actively traded December 2023 copper closing at $3.6815/lb, up 0.9 cents or 0.25% from the previous trading day, setting a new record The highest closing price since September 29.
December copper futures traded in a trading range of $3.653 to $3.7055.
Copper rose by 0.97% this cycle, which was also the second consecutive week of gains. Copper rose by 2.33% in the previous cycle.
The U.S. dollar fell sharply on Friday, making dollar-priced copper futures more attractive to buyers holding other currencies.
The ICE U.S. Dollar Exchange Rate Index closed at 104.859, the lowest point since September 20, down 1.05% from Thursday, the largest single-day decline since July. The dollar fell 1.43% this week, its largest weekly decline since July.
COMEX copper futures (near-term contract) have fallen 3.44% so far this year, and Friday's closing price fell 1.08% compared with 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 rose 250 yuan on Friday to 67,680 yuan/ton, an increase of 1,060 yuan or 1.59% from a week ago. Bonded copper futures for January at the Shanghai International Energy Trading Center (INE) rose 310 yuan to 60,200 yuan per ton, up 1,110 yuan or 1.88% from a week ago.
In the registered warehouse of the Shanghai Futures Exchange, copper stocks on Friday (3rd) were 40,516 tons, an increase of 4,108 tons from 36,408 tons a week ago. This is the third increase in four weeks, and is higher than the peak of 252,455 tons at the end of February. 84.0% lower.
On Friday, the trading volume of COMEX copper futures was 95,729 lots, compared with 87,234 lots on the previous trading day; the short volume was 221,443 lots, compared with 222,972 lots on the previous trading day.
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