COMEX June 14 Copper Roundup

New York, June 14 news: Copper futures on the Chicago Mercantile Exchange (COMEX) continued to rise on Wednesday, hitting their highest closing price in more than a month.

As of the close, copper futures rose by 3.15 cents to 3.9 cents. Among them, the most actively traded July 2023 copper rose 3.9 cents or 2.06% from the previous trading day to close at 3.87 US dollars per pound. Highest closing price since May 9, 2023.

July copper traded in a range of $3.798 to $3.874.

The U.S. dollar fell on Wednesday, supporting the dollar-quoted metals. ICE's June U.S. dollar index was at 103.12 points, down 0.2% from Tuesday, and fell to a four-week low in early trading.

The near-term COMEX copper futures contract rose 6.47% so far this month and 1.59% so far this year, mainly reflecting the market's expectation that top metals consumer China will introduce more economic stimulus measures to help the economic recovery.

However, the closing price on Wednesday was still down 7.23% from the same period last year, and 21.57% lower than the historical peak of $4.929 hit in March 2022, mainly due to weak demand in the United States and Europe, and interest rate hikes by major central banks put pressure on economic growth ; China's economic performance this year is worse than earlier expectations, and the rebound in metal demand in the second quarter that the market expected at the beginning of the year is still hard to find. Copper futures fell 6.18% in May, the biggest monthly drop since June 2022 and the second consecutive monthly decline. During April and May, copper futures fell by 11.54%.

Copper futures on COMEX fell by 14.6% in 2022, mainly because the outlook for global economic growth is worrisome. High inflation prompted European and American central banks to actively raise interest rates to curb inflation, exacerbating the risk of economic recession. In contrast, copper has recorded two consecutive years of gains of 25% in 2020 and 2021, as the green transition of the global economy and electrification help boost additional demand for the metal, which is widely used in the power and construction industries, while copper mines face challenges. Disruptions such as underinvestment and production disruptions.

The most actively traded July 2023 copper contract on the Shanghai Futures Exchange closed up 720 yuan at 67,860 yuan a tonne on Wednesday. Bonded copper futures for August 2023 on the Shanghai International Energy Exchange (INE) rose 730 yuan to 60,490 yuan a tonne.

On Wednesday, the trading volume of COMEX copper futures was 131,768 lots, compared with 162,051 lots in the previous trading day; the volume of short positions was 211,957 lots, compared with 218,576 lots in the previous trading day.