New York, June 30 news: Copper futures on the Chicago Mercantile Exchange (COMEX) rose on Friday. It is up more than 3% this month.
As of the close, copper futures rose by 6 cents to 60.55 cents. Among them, the most actively traded September 2023 copper closed at $3.7595 per pound, up 6.05 cents or 1.64% from the previous trading day.
September copper traded in a range of $3.6945 to $3.7705.
Copper fell 1.47% this cycle, compared with a 2.20% drop in the previous cycle.
The dollar fell 0.4% on Friday, making dollar-priced commodities more attractive to buyers holding other currencies.
In June, COMEX copper futures (near-term contract) rose 11 cents, or 3.03%, to close Friday 3.37% higher than a year earlier. Copper rebounded after losses in April and May, largely reflecting expectations that top metals consumer China will introduce more policies to support economic growth, although stimulus measures so far have fallen short of expectations.
Copper futures fell 8.86% in the second quarter, ending the continuous upward trend in the fourth quarter of last year and the first quarter of this year. Copper futures are down 1.69% so far this year and are currently 24.10% below their all-time peak in March 2022. 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 10 yuan to 67,110 yuan/ton on Friday (June 30), which was higher than a week ago (referring to last Wednesday, June 21, due to the Thursday and Friday are the Dragon Boat Festival holidays) fell 1,580 yuan or 2.30%. September bonded copper futures on the Shanghai International Energy Exchange (INE) fell 30 yuan to 59,600 yuan a tonne, down 1,590 yuan, or 2.60%, from a week ago.
In warehouses registered with the Shanghai Futures Exchange, copper inventories stood at 68,313 tonnes on Friday (June 30), up 7,889 tonnes from 60,424 tonnes a week earlier, but still 72.9% below the peak of 252,455 tonnes at the end of February.
On Friday, the trading volume of OMEX copper futures was 65,076 lots, compared with 86,419 lots in the previous trading day; the open position was 191,447 lots, compared with 190,776 lots in the previous trading day
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