Today, the 1 kg copper price in India has increased by 1.91%, reaching ₹836.45. This rise is attributed to recent economic easing measures announced by China, aimed at bolstering growth and enhancing global copper demand.
The People’s Bank of China (PBOC) plans to cut the reserve requirement ratio by 50 basis points and lower key lending rates. These initiatives follow the U.S. Federal Reserve’s decision to reduce rates by 50 basis points, positively influencing the global economic landscape.
Additionally, copper inventories at the Shanghai Futures Exchange have decreased by 11.1%, indicating tightening supply conditions. Although China’s refined copper exports plummeted by 56% month-on-month in August, they remain 50% higher than the previous year, reflecting strong ongoing demand.
China’s refined copper production increased by 0.9% year-on-year, reaching 1.12 million metric tons. However, unwrought copper imports fell to a 16-month low of 415,000 metric tons, down 12.3% from last year. In contrast, copper concentrate imports saw a 3.2% year-on-year rise during the first eight months of 2024.
On the technical side, fresh buying interest is evident, with open interest up by 8.94%. The current support for copper prices stands at ₹829.6, while resistance is note at ₹840.3. A breakthrough above this level could lead to prices testing ₹844.1, providing traders with potential opportunities.
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