New York, July 14 news: Copper futures on the Chicago Mercantile Exchange (COMEX) fell slightly on Friday as a stronger dollar attracted long positions, but the weekly line hit its biggest week since the end of March due to positive fundamentals increase.
As of the close, copper futures fell by 0.45 cents to 0.75 cents. Among them, the most actively traded copper futures for September 2023 closed at US$3.933 per pound, down 0.7 cents or 0.18% from the previous trading day.
September copper traded in a range of $3.9035 to $3.954. The intraday high was also the highest since April 24.
Copper rose 3.99% for the week, its biggest weekly gain since March 24, 2023 and its second straight week of gains, following last week's gain of 0.60%.
The dollar rose 0.15 percent on Friday, recovering slightly from a 15-month low set in early trade. A stronger dollar means that commodities priced in the greenback are more expensive for buyers holding other currencies. For the week, the dollar was down 2.3 percent.
The gains in copper prices this week have largely been attributed to hopes that U.S. rate hikes are coming to an end, analysts said, with some traders perhaps arguing that the prospect of a stronger U.S. economy could also help China's recovery. In addition; with copper prices rising for the second consecutive week, technical signals have turned in favor of the bulls.
COMEX copper (near-term contract) is up 4.84% so far this month and 3.06% so far this year, closing Friday 21.26% 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 of the global economy and electrification 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 840 yuan to 69,450 yuan/ton on Friday (July 14), up 1,730 yuan or 2.55% from a week ago. October bonded copper futures on the Shanghai International Energy Exchange (INE) rose 760 yuan to 61,690 yuan a tonne, up 1,690 yuan, or 2.82%, from a week ago.
In the registered warehouse of the Shanghai Futures Exchange, copper inventories on Friday (July 14) were 82,690 tons, an increase of 8,052 tons from 74,638 tons a week ago. It was 67.2% lower than its peak of 252,455 tonnes.
On Friday, the trading volume of COMEX copper futures was 95,876 lots, compared with 125,579 lots in the previous trading day; the number of empty positions was 208,795 lots, compared with 199,532 lots in the previous trading day.
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