New York, May 25 news: Copper futures on the Chicago Mercantile Exchange (COMEX) closed higher on Thursday, rebounding from a six-month low hit in the previous session.
As of the close, copper futures rose by 1.80 cents to 2.65 cents. Among them, the most actively traded July 2023 copper closed at US$3.588 per pound, up 2.65 cents or 0.74% from the previous trading day.
July copper traded in a range of $3.546 to $3.618.
This is also the first time that copper has risen in the past four trading days.
Negotiations between the White House and congressional leaders on raising the government's debt ceiling and cutting spending were close to reaching an agreement on Thursday, helping to calm market fears that a U.S. debt default could trigger a deep recession.
The near-term COMEX copper contract is down 7.48% so far this month and 5.91% so far this year. Copper prices have erased all the gains made earlier in the year as China's economic growth slows and Western economies still face recession fears.
The closing price on Thursday was 15.85% lower than the same period last year, and 27.36% lower than the historical peak hit in March 2022. 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 490 yuan to close at 63,260 yuan a ton on Thursday. Bonded copper for July delivery on the Shanghai International Energy Exchange (INE) fell 470 yuan to close at 56,050 yuan a tonne.
On Thursday, the trading volume of COMEX copper futures was 95,439 lots, compared with 123,463 lots in the previous trading day; the number of empty positions was 220,972 lots, compared with 215,394 lots in the previous trading day.
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