Copper Gains As Refined Market Turns Into Deficit

25 Aug 2022 , 04:36 PM

Copper saw some gains today, benefitting from weak US dollar and mostly steady risk appetite. Asian markets saw cautious trades. European shares edged up marginally. The Dow and the S&P 500 snapped a three-day losing streak. COMEX Copper is currently trading up 1% at 3.68 per pound. The red metal is holding up just under its one and half week high and traders seem to be positioned positively due to the structural deficit in global Copper market. MCX Copper futures are trading at Rs 677.70 per kg, up 0.76% on the day after hitting a high of Rs 680 per kg. International Copper Study Group (ICSG) said in its latest monthly bulletin. World refined copper balance in the first half of 2022 indicates an apparent deficit of about 72,000 t. Refined copper balance saw a surplus of 43,000 t till May 2022. The global refined copper market showed a 66,000 tonne deficit in June, compared with a 30,000 tonne deficit in May.Powered by Commodity Insights