New York, June 23 news: Copper futures on the Chicago Mercantile Exchange (COMEX) fell on Friday, making the first negative line in four weeks on the weekly chart.
As of the close, copper futures fell by 8.15 cents to 8.7 cents. Among them, the most actively traded July 2023 copper closed at $3.8035 per pound, down 8.65 cents or 2.22% from the previous trading day.
July copper traded in a range of $3.786 to $3.891.
Copper fell 2.20% this cycle, after rising 2.64%, 1.65% and 1.24% in the previous three weeks.
The dollar rose on Friday, weighing on copper prices. The greenback's appeal was boosted by hawkish comments from Fed officials, putting pressure on dollar-priced commodities.
COMEX copper (near-term contract) is still up 4.82% so far this month and 0.01% so far this year. Friday's closing price was 1.22% higher than the same period last year, mainly reflecting the market's expectation of more policies from top metals consumer China Supporting economic growth, although stimulus measures introduced so far have failed to meet market expectations.
The current copper price is still 22.78% lower than the historical 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.
On Friday, the trading volume of COMEX copper futures was 101,701 lots, compared with 112,783 lots in the previous trading day; the volume of short positions was 203,606 lots, compared with 205,103 lots in the previous trading day.
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