New York, May 12 news: Copper futures on the Chicago Mercantile Exchange (COMEX) rose on Friday, but the weekly chart still closed in a negative line for the fourth consecutive week, reflecting concerns about a possible recession in the U.S. economy and demand for metals in China Weak worry.
As of the close, copper futures rose by 1.35 cents to 1.9 cents. Among them, the most actively traded July 2023 copper closed at $3.7285 per pound, up 1.85 cents or 0.50% from the previous trading day.
July copper traded in a range of $3.677 to $3.7515.
Copper fell 3.98% this cycle, the largest weekly drop since the week of February 24. This is also the fourth consecutive week of copper futures declines, after falling 0.19%, 2.41% and 1.97% in the previous three weeks.
Copper futures for April fell 5.17%. This is also the largest monthly decline since June 2022. In the past three months, copper has closed out of the lunar line twice.
Copper on COMEX (nearest contract) is down 3.97% so far this month and 2.34% so far this year. The closing price of copper (near-term contract) on Friday was 11.10% lower than the same period last year, and 24.60% 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 June 2023 copper futures on the Shanghai Futures Exchange fell 1,730 yuan to 64,380 yuan/ton on Friday (May 12), down 2,210 yuan or 3.32% from a week ago. July bonded copper futures on the Shanghai International Energy Exchange (INE) fell 1,640 yuan to 56,930 yuan a tonne, down 2,000 yuan or 3.39% from a week ago.
In warehouses registered with the Shanghai Futures Exchange, copper inventories fell to 118,383 tons on Friday, down 16,536 tons from 134,919 tons a week earlier. %.
On Friday, the trading volume of COMEX copper futures was 96,397 lots, compared with 151,147 lots in the previous trading day; the number of empty positions was 211,583 lots, compared with 200,164 lots in the previous trading day.
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