New York, July 25 news: Copper futures on the Chicago Mercantile Exchange (COMEX) rose for a second day on Tuesday, mainly because China promised policies to support economic growth.
As of the close, copper futures rose by 5.5 cents to 6.15 cents, and the most actively traded September 2023 copper rose 6 cents or 1.56% to close at $3.9155 per pound,
September copper traded in a range of $3.8445 to $3.9415.
The near-term COMEX copper futures contract is up 2.00% so far this month and 0.28% so far this year, closing 15.93% higher than a year earlier at Tuesday's close. In contrast, copper futures fell 14.6% in 2022, as the outlook for global economic growth is worrying, and high inflation has prompted central banks in Europe and the United States to actively raise interest rates to curb inflation, exacerbating the risk of economic recession. In contrast, 2020 and 2021 copper has recorded two consecutive years of gains of 25%, the global economic green transition and electrification will help boost the additional demand for this widely used metal in the power and construction industries, while copper mines face Disruptions such as underinvestment and production disruptions.
The September 2023 copper contract on the Shanghai Futures Exchange rose 730 yuan to 68,670 yuan a tonne on Tuesday. Bonded copper futures for October delivery on the Shanghai International Energy Exchange (INE) rose 740 yuan to 61,010 yuan a tonne.
On Tuesday, the trading volume of COMEX copper futures was 102,755 lots, compared with 87,017 lots in the previous trading day; the empty position was 229,944 lots, compared with 225,008 lots in the previous trading day.
微信扫一扫打赏
