NEW YORK, Aug. 8: Copper futures on the Chicago Mercantile Exchange (COMEX) fell for a third straight session on Tuesday, hitting their lowest price in a month, as the U.S. dollar rose and Chinese trade data weakened.
As of the close, copper futures fell by 6.5 cents to 6.85 cents, and the most actively traded September 2023 copper futures fell 6.85 cents or 1.79% to close at $3.7665 per pound,
September copper traded in a range of $3.7265 to $3.842.
The dollar strengthened 0.6% on Tuesday, weighing on the dollar-quoted metal, as a strong greenback means copper is more expensive for buyers holding other currencies, curbing prices and demand.
Disappointing trade data from China on Tuesday also raised concerns about economic growth in the top metals consumer and the outlook for metals demand, prompting a rush of selling.
Copper rose 6.6 percent in July, also its biggest monthly gain since January, as markets look for more stimulus from China to support economic growth. After entering August, the near-term copper futures contract has fallen by 6.17%, reflecting heightened concerns about global economic growth.
So far this year, the near-term contract of COMEX copper futures has fallen 1.51%, and the closing price on Tuesday was 4.33% higher than the same period last year. In contrast, copper futures fell 14.6% in 2022, as the outlook for global economic growth is worrying, and high inflation has prompted central banks in Europe and the United States to actively raise interest rates to curb inflation, exacerbating the risk of economic recession. In contrast, 2020 and 2021 copper has recorded two consecutive years of gains of 25%, the global economic green transition and electrification will help boost the additional demand for this widely used metal in the power and construction industries, while copper mines face Disruptions such as underinvestment and production disruptions.
The September 2023 copper contract on the Shanghai Futures Exchange fell 220 yuan to 68,900 yuan a tonne on Tuesday. Bonded copper futures for October delivery on the Shanghai International Energy Exchange (INE) fell 220 yuan to 61,220 yuan a tonne.
On Tuesday, the trading volume of COMEX copper futures was 182,465 lots, compared with 95,730 lots in the previous trading day; the number of empty positions was 230,502 lots, compared with 230,359 lots in the previous trading day.
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