COMEX June 9 Copper Roundup

New York, June 9 news: Copper futures on the Chicago Mercantile Exchange (COMEX) fell on Friday.

As of the close, copper futures fell by 0.05 cents to 0.75 cents. Among them, the most actively traded July 2023 copper closed at US$3.789 per pound, down 0.6 cents or 0.16% from the previous trading day.

July copper traded in a range of $3.7695 to $3.8335.

Copper rose 1.65% for the week, its second straight weekly gain, after rising 1.24% in the previous cycle.

COMEX copper futures (near-term contract) rose 04.35% so far this month and fell 0.43% so far this year. The closing price on Friday was 11.90% lower than the same period last year and 23.13% 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, a green transition to the global economy and electrification will help boost additional demand for the metal, which is widely used in power and construction, while copper mine production has been disrupted.

From the perspective of the external market, the July 2023 copper futures on the Shanghai Futures Exchange rose 310 yuan to 66,880 yuan/ton on Friday (June 9), up 970 yuan or 1.47% from a week ago. Bonded copper futures for August delivery on the Shanghai International Energy Exchange (INE) rose 350 yuan to 59,480 yuan a tonne, up 1,100 yuan, or 1.88%, from a week ago.

In registered warehouses of the Shanghai Futures Exchange, copper inventories stood at 76,473 tonnes on Friday (June 9), down 10,175 tonnes from 86,648 tonnes a week earlier, and the 14th decline in 15 weeks. In contrast, inventories increased by 471 tons last week. Stockpiles on Friday were 69.7% below the peak of 252,455 tonnes at the end of February.

On Friday, the trading volume of COMEX copper futures was 114,761 lots, compared with 116,776 lots in the previous trading day; the number of open positions was 227,729 lots, compared with 228,094 lots in the previous trading day.