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Commodity News Details
Weekly Copper Review: COMEX futures consolidate near three week high
24-Aug-2024 13:10
COMEX Copper futures consolidated around three-week high near $4.20 per pound. Prices have rebounded recently following a break above $4 per pound with dollar weakness and supportive US equities triggering a good rally in the metal. Meanwhile, ICSG stated in a latest update that world copper mine production increased by about 3.1% in the first half of 2024, with concentrate production increasing by 2% and solvent extraction-electrowinning (SX-EW) growing by 7%. Global mine production in the first six months of 2024 benefited from a recovery from constrained output in 2023 (mainly in Chile, Indonesia, and the USA) as well as additional production from mine projects ramping up to capacity namely in the D.R. Congo (DRC). Production in Chile increased by 2.4%, with concentrate output up by 2.5% and SX-EW up by 2%. However, production is still 4.5% below the average 1st half production level of the last 5 years. MCX Copper futures stayed mostly in a range in last week with lows near Rs 800 per kg offering a good support to the counter.

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