Copper Market update: prices rose by 0.27%, settling at ₹828.25, driven by growing optimism about China’s economic recovery and global supply concerns.
- China’s Stimulus Measures: The Chinese government reaffirmed its commitment to aggressive policies for boosting consumption in 2024, driving copper demand.
- Import Surge: December imports of unwrought copper and copper products in China jumped 18% year-on-year to 559,000 metric tons, signaling higher smelter activity.
- Supply Concerns: Aging mines worldwide continue to pose a risk of supply disruptions, offering support to prices.
- US Dollar Impact: A stronger U.S. dollar, boosted by positive labor data, capped copper’s price gains as greenback-priced commodities became expensive for foreign buyers.
- ICSG: The International Copper Study Group (ICSG) reported a global refined copper market deficit of 41,000 metric tons in October, an improvement from the 136,000 metric tons deficit in September. Year-to-date, the market showed a surplus of 287,000 metric tons, a significant increase compared to last year’s surplus of only 9,000 metric tons.
- Production vs. Consumption: In October, world refined copper output was 2.30 million metric tons, slightly below the consumption of 2.34 million metric tons.
- Price Movement: Market short covering saw open interest drop 4.59% to 5,075 contracts, with prices increasing ₹2.25.
- Key Levels: Copper has immediate support at ₹824.5, with resistance at ₹831.4. A breakout above resistance could push prices toward ₹834.6, hinting at bullish momentum.
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