New York, June 15 news: Copper futures on the Chicago Mercantile Exchange (COMEX) closed higher for the third consecutive day on Thursday. The benchmark contract hit its highest level in nearly six weeks, largely supported by a weaker dollar.
As of the close, copper futures rose by 2.7 cents to 3.1 cents, of which the most actively traded July 2023 copper closed at $3.901 per pound, up 3.1 cents or 0.80% from the previous trading day, a record high The highest closing price since May 8.
July copper traded in a range of $3.8115 to $3.904.
Copper has risen 14.60 cents, or 3.89 percent, over the past three trading days.
The U.S. dollar fell 0.76% on Thursday, with a weaker greenback making dollar-priced copper cheaper for holders of other currencies and thus helping to support prices and demand. The dollar is down 2.05% so far this month.
The near-term COMEX copper contract has risen 7.31% so far this month and 2.39% so far this year, mainly due to expectations that top metals consumer China will introduce more economic stimulus measures, thereby improving the outlook for metals demand.
Thursday's closing price is still 5.24% lower than the same period last year, and 20.95% lower than the historical peak hit in March 2022. Reflecting concerns about the continued interest rate hikes by Western central banks and the slowdown in economic growth. China's economic recovery is uneven, and metal demand has not seen the strong rebound expected at the beginning of the year, which has also led to speculative funds turning into net short positions.
In contrast, COMEX copper futures fell by 14.58% in 2022, reflecting the worrying outlook for global economic growth. High inflation has prompted central banks in Europe and the United States to actively raise interest rates to curb inflation, while rising borrowing costs have exacerbated the risk of economic recession. In the medium to long term, the green transition of the global economy and electrification are helping to boost additional demand for the metal, which is widely used in the power and construction industries, while copper mine production has been disrupted.
The most actively traded July copper contract on the Shanghai Futures Exchange fell 10 yuan to close at 67,940 yuan a ton on Thursday. Bonded copper for August delivery on the Shanghai International Energy Exchange (INE) fell 480 yuan to close at 60,610 yuan a tonne.
On Thursday, the trading volume of COMEX copper futures was 125,186 lots, compared with 131,768 lots in the previous trading day; the number of open positions was 207,381 lots, compared with 211,957 lots in the previous trading day.
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