New York, May 10 news: Copper futures on the Chicago Mercantile Exchange (COMEX) fell for a second straight day on Wednesday, hitting a more than four-month low.
As of the close, copper futures fell by 5.7 cents to 6.1 cents. Among them, the most actively traded July 2023 copper closed at US$3.841 per pound, down 6.05 cents or 1.51% from the previous trading day, a record 1 The lowest closing price since March 5.
July copper traded in a range of $3.8285 to $3.9185.
The near-term contract of COMEX copper futures fell 1.09% so far this month and rose 0.59% so far this year, but the closing price was still 9.13% lower than the same period last year and 22.34% lower than the historical peak reached in March 2022.
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 June 2023 copper contract on the Shanghai Futures Exchange closed down 160 yuan at 67,240 yuan a tonne on Wednesday. Bonded copper futures for July 2023 on the Shanghai International Energy Exchange (INE) fell 140 yuan to 59,590 yuan a tonne.
On Wednesday, the trading volume of COMEX copper futures was 93,081 lots, compared with 61,233 lots in the previous trading day; the volume of short positions was 194,243 lots, compared with 61,233 lots in the previous trading day.
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