Gold Silver Reports — The prices of Copper ended at Rs 383.7 per kg, up 1.2%. The prices of Copper tested a high of Rs 384.8 per kg and a low of Rs 380 per kg.
Copper prices rose to a high of nearly two months on Wednesday, lifted by a weaker dollar. The bull run for Copper continued as the metal posted another feet by crossing Rs 385 per kg in the session on 29 June 2017. This is a interesting feet as these are eight week high numbers for the red metal. Further appreciation is possible if the value of metal is able to cross Rs 385 per kg on closing basis.
China is the worlds largest copper consumer accounts for almost 45% of the global demand. However, the country isnt self-sufficient regarding its copper needs. China is the worlds largest copper importer. Notably, coppers dynamics are different from some of the other metals like steel and aluminum where China controls more than half of the global supply.
This month, Copper ore and concentrate imports, which are processed in China, stood at 1.15 million metric tons in May. Imports have fallen on a yearly and monthly basis. In May, imports were at the lowest level since October 2015. As per some local reports from China, lower concentrate imports are due to limited concentrate supply.
China imported 390,000 metric tons of unwrought copper in Mayn++down 9% year-over-year. However, imports rose 30% compared to April. The steep monthly increase in unwrought copper imports should be read with caution. In April, imports fell steeper than the previous month.
Sagging copper imports raise doubts about Chinese copper demand. Notably, a slowdown in Chinese copper demand is negative for copper. — Neal Bhai Reports