COMEX July 21 Copper Roundup

New York, July 21 news: Copper futures on the Chicago Mercantile Exchange (COMEX) fell on Friday, mainly due to the strengthening of the dollar, and fell nearly 3% on the weekly chart.

As of the close, copper futures fell by 0.95 cents to 1.65 cents. Among them, the most actively traded September 2023 copper closed at US$3.818 per pound, down 1.65 cents or 0.43% from the previous trading day.

September copper traded in a range of $3.809 to $3.874.

Copper fell 2.92% in this cycle, while copper rose for two consecutive weeks in the previous period, with increases of 3.99% and 0.60% respectively.

The dollar rose 0.20% on Friday, also rebounding for the fourth straight session. A stronger dollar means that commodities priced in the greenback are more expensive for buyers holding other currencies. For the week, the dollar was up 1.2 percent.

Copper futures on COMEX (near-term contract) are up 1.66% so far this month and down 0.07% so far this year, closing Friday 13.57% higher than a year earlier. In contrast, COMEX copper futures fell by 14.58% in 2022, mainly because the outlook for global economic growth is worrying. High inflation prompted European and American central banks to actively raise interest rates to curb inflation, which exacerbated the risk of economic recession. In the medium to long term, however, the green transition and electrification of the global economy could help boost additional demand for the metal, which is widely used in the power and construction industries.

From the perspective of the external market, the August 2023 copper futures on the Shanghai Futures Exchange rose 260 yuan to 68,630 yuan/ton on Friday (July 21), but fell 820 yuan or 1.18% from a week ago. October bonded copper futures on the Shanghai International Energy Exchange (INE) rose 240 yuan to 60,920 yuan a tonne, but were down 770 yuan, or 1.25 percent, from a week ago.

In registered warehouses of the Shanghai Futures Exchange, copper inventories on Friday (July 21) were 77,898 tons, a decrease of 4,792 tons from 82,690 tons a week ago. 69.1% lower.

On Friday, the trading volume of COMEX copper futures was 72,200 lots, compared with 78,252 lots in the previous trading day; the number of empty positions was 221,466 lots, compared with 218,019 lots in the previous trading day.