Epoxy curing agent News COMEX August 25 Copper Roundup

COMEX August 25 Copper Roundup

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COMEX August 25 Copper Roundup


New York, August 25 news: Copper futures on the Chicago Mercantile Exchange (COMEX) fell on Friday, but closed the first positive line in four weeks on the weekly chart, mainly due to an improved demand outlook in China.

As of the close, copper futures fell by 0.75 cents to 1.0 cents. Among them, the most actively traded copper futures for September 2023 closed at US$3.762 per pound, down 0.9 cents or 0.24% from the previous trading day.

September copper traded in a range of $3.738 to $3.803.

A hawkish speech by Federal Reserve Chairman Jerome Powell on Friday, saying the Fed may need to raise interest rates further to bring inflation down to its target level, sent the Fed's exchange rate to an 11-week high. A stronger dollar weighs on copper prices because it means commodities priced in the greenback are more expensive for buyers holding other currencies.

Copper rose 1.51% for the week, snapping a three-week losing streak, as top metals consumer China is about to enter its traditional peak season, raising expectations for a seasonal pick-up in demand for metals. According to data from the International Copper Research Organization, China's apparent demand for copper will remain firm in the first half of 2023.

COMEX copper (near-term contract) is down 5.87% so far this month and 1.20% so far this year, closing Friday 1.31% higher than a year earlier. 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, the green transition and electrification of the global economy could help boost additional demand for the metal, which is widely used in the power and construction industries.

From the perspective of the external market, the October 2023 copper futures on the Shanghai Futures Exchange fell 160 yuan to 68,830 yuan/ton on Friday (August 25), but it was up 800 yuan or 1.18% from a week ago. October bonded copper futures on the Shanghai International Energy Exchange (INE) fell 200 yuan to 61,190 yuan a tonne, but were up 820 yuan, or 1.36%, from a week ago.

In warehouses registered with the Shanghai Futures Exchange, copper inventories stood at 40,585 tonnes on Friday (August 25), up 1,357 tonnes from 39,228 tonnes a week earlier but down 83.9% from a peak of 252,455 tonnes at the end of February.

On Friday, the trading volume of COMEX copper futures was 96,762 lots, compared with 79,623 lots in the previous trading day; the number of open positions was 199,821 lots, compared with 204,437 lots in the previous trading day.

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