New York, August 17 news: Copper futures on the Chicago Mercantile Exchange (COMEX) rose on Thursday, the first rise in six trading days.
As of the close, copper futures rose by 3.05 cents to 3.55 cents. Among them, the most actively traded September 2023 copper closed at $3.6915 per pound, up 3.4 cents or 0.93% from the previous trading day.
September copper traded in a range of $3.627 to $3.7195.
China's central bank took action on Thursday to keep liquidity reasonably ample and said it would continue to adopt "precise and forceful" policies to support the economy, helping support a rebound in commodity prices.
The near-term COMEX copper contract is down 7.74% so far this month and 3.15% so far this year. Thursday's closing price was still up 1.07% from a year earlier and 25.23% below its all-time high on March 9, 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 September copper contract on the Shanghai Futures Exchange rose 90 yuan to close at 67,560 yuan a tonne on Thursday. Bonded copper for October delivery on the Shanghai International Energy Exchange (INE) rose 40 yuan to close at 59,880 yuan a tonne.
On Thursday, the trading volume of COMEX copper futures was 104,210 lots, compared with 94,281 lots in the previous trading day; the number of empty positions was 227,104 lots, compared with 224,215 lots in the previous trading day.
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