Weekly Copper Review: Undertone Remains Supported

Weekly Copper Review: Undertone Remains Supported

Oct 24, 2020 03:10 IST capital market

COMEX Copper hit 28 month high above $3.21 per pound amid mixed movement in equities and weak US dollar and hopes of a steady recovery in global economy in coming months supported the sentiments. MCX Copper futures approached Rs 550 per kg levels. International Copper Study Group (ICSG) released preliminary data for July 2020 world copper supply and demand in its October 2020 Copper Bulletin. Preliminary data indicates that world refined copper production increased by 1% during the first seven months of 2020 with primary production (electrolytic and electrowinning) up by 2.3% and secondary production (from scrap) down by 5.2%. World Bank noted that Copper prices jumped 22% in the third quarter?the highest quarterly growth since mid 2009. However, recovering demand outside China is expected to keep balances tight next year. Copper prices are forecast to rise 4% in 2021, following an expected increase of just under 1% in 2020.

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