New York, June 6 news: Copper futures on the Chicago Mercantile Exchange (COMEX) were mixed in a narrow range on Tuesday, with the benchmark contract rising slightly, which was also the fourth consecutive session of gains.
As of the close, copper futures ranged from a rise of 0.45 cents to a fall of 0.35 cents. The most actively traded July 2023 copper futures rose 0.05 cents or 0.01% to close at $3.7685 per pound.
July copper traded in a range of $3.718 to $3.78.
In the four trading days as of Tuesday, copper futures rose by 3.75 percent.
So far this year, the near-term contract of COMEX copper futures has fallen by 1.01%, and the closing price is 15.15% lower than the same period last year, and 23.57% lower than the historical peak hit in March 2022. COMEX copper futures fell by 14.6% 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, 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 July 2023 copper contract on the Shanghai Futures Exchange closed up 430 yuan at 66,500 yuan a tonne on Tuesday. Bonded copper futures for August delivery on the Shanghai International Energy Exchange (INE) rose 480 yuan to 59,050 yuan a tonne.
On Tuesday, the trading volume of COMEX copper futures was 74,979 lots, compared with 96,388 lots in the previous trading day; the number of open positions was 227,276 lots, compared with 228,044 lots in the previous trading day.
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