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Copper Market Update: Steady Gains Amid Optimism

copper-market-update-steady-gains-amid-optimism
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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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