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Market participants expect spreads to widen further if Comex copper continues to trend higher amid regional variance in demand. The transaction price for #2 light rose by 28.1¢/lb to $3.944/lb delivered US consumer. The export spreads for this grade are trending in a wide range depending on destination with bids heard at spreads as narrow as 56¢/lb and as wide as 70¢/lb. The numbers are so good, some market observers are pulling up charts from the mining supercycle. 19th, copper prices hit a fresh 2020 pinnacle of 4.04 per pound on the Comex in New York.
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Some offers in North Carolina for this grade were heard at spreads as tight as 6¢/lb under the July Comex contract, though no deals were reported at those levels.įor #2 light copper too, the spread widened by a penny to 61.6¢/lb under the July Comex contract. Over 200 copper mines are expected to run out of ore before 2035, with not enough new mines in the pipeline to take their place. Spreads for US bare bright copper scrap (barley) widened by 0.1¢/lb to 15.6¢/lb under the July Comex contract on Tuesday, with its transaction price jumping by 28.9¢/lb to $4.404/lb delivered US consumer. The Davis Index spread for #1 copper wire & tube held unchanged at 23.7¢/lb under the July Comex contract, with the grade’s weekly transaction price increasing by 29¢/lb to $4.323/lb delivered. Some participants expect Comex copper to touch $4.60/lb this week. Comex copper began the week more than 10¢/lb above Friday’s close, restricting spot deals despite demand in the market. “We recommend accumulating a short position in base metals,” they said.The weekly spreads for US domestic copper scrap trended flat to wide on Tuesday amid a jump in Comex copper prices and mixed demand.Ĭomex copper closed today at $4.56/lb up 29¢/lb from Jul 20. Speculative investors are the most bearish on copper prices on the COMEX exchange since May 2020.Īnalysts at Citi said they expected copper to fall to $6,600 within 6-9 months. buyers and potentially dampening demand.Ĭhinese customs data showed its copper imports rose 15.5% month-on-month in June and overall exports grew at their fastest pace in five months as COVID restrictions eased.īut a trader said Chinese demand remained weak, Yangshan import premiums have fallen to $64 a tonne from $76.50 at the start of July and analysts polled by Reuters downgraded their China growth forecast this year to 4%.
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interest rates have pushed the dollar to its strongest in two decades, making dollar-priced metals costlier for non-U.S. “Lower than 8% inflation could ease some of the fear and mean the fed would be less aggressive.” “The market could take it badly,” he said. rate rises and higher risk of recession, said Saxo Bank analyst Ole Hansen. inflation data that could influence the pace of interest rate rises, economic growth and metals demand.Ĭopper has tumbled more than 30% from a record high in March as central banks began to raise rates rapidly to quell decades-high inflation, sparking fears of an economic downturn.Īlso pressuring metals is weak demand in top consumer China, where COVID-19 lockdowns disrupted manufacturing.īenchmark copper CMCU3 on the London Metal Exchange (LME) was down 0.6% at $7,313 a tonne at 1027 GMT after slipping as low as $7,202.50.Ī higher-than-9% U.S. Copper prices on Wednesday fell to their lowest since November 2020 as traders waited for U.S.