Base Metals Preview: MCX Copper Ends With Modest Gains

23 Feb 2022 , 08:55 AM

COMEX Copper futures consolidated around $4.50 per pound in choppy trades amid weak equities as Russia-Ukraine worries weighed on sentiments. MCX Copper futures closed up 0.29% at Rs 764.50 per kg. Meanwhile, the International Copper Study Group (ICSG) said that world copper mine production increased by about 2.5% over the first eleven months of 2021, with concentrate production increasing by around 3.9% and solvent extraction-electrowinning (SX-EW) declining by about 3.6%. Mine production grew by around 2.5% in Jan-Nov 2021 but this compares to a low 2020 basis when the copper mining industry was severely impacted by the global lockdown.

Preliminary data indicates that world refined copper production increased by about 1.3% over the first eleven months of 2021 with primary production (electrolytic and electrowinning) up by 0.7% and secondary production (from scrap) up by 4.7%. ICSG noted that world apparent refined copper usage grew by about 1% over the first eleven months of 2021.

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