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Commodity News Details
Weekly Copper Review: Sharp Rebound In Red Metal, MCX Futures Approach Rs 870 Mark
13-Jul-2024 14:27
COMEX Copper futures tested one and half week low under $4.50 per pound before a rebound. The commodity is likely to be under stress in near term as weak Chinese demand caps upside. China's imports of unwrought copper and products were 436,000 metric tonnes in June, down 3% from the 449,649 tons a year earlier and the lowest since April 2023. June's Copper imports also marked a drop of 15% on month. Imports of copper concentrate were 2.31 million tons for June, up 8.7% from a year earlier. Copper prices have eased from one month high recently and some choppy moves are being witnessed now. MCX Copper futures tested a low of Rs 850 per kg before witnessing a good recovery and ended around Rs 870 per kg mark.

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