The copper market is so tight that spot contracts traded at the biggest premium over futures in at least 27 years in London.
Copper prices are set to rule firm around $10,000 a tonne in the short-term as inventories have hit a record low following production cuts in the wake of power crunch in Europe and China despite a drop in manufacturing activities.
Copper is continuing a steady march higher despite the US Dollar strengthening today. It is approaching all-time highs on a run down in inventory, as energy costs hinder production capacity. After rallying 10% last week, Comex futures are trading 1% higher in Asia ahead of the London Metals Exchange (LME) opening.
Commodity: A surge in energy and metal prices is offering investors a fresh reminder of how the commodities market can fuel inflation and imperil the post-pandemic economic recovery.
Copper MCX Tips Today: घरेलू हाजिर बाजार की कमजोर मांग के बीच कारोबारियों ने अपने सौदों की कटान की जिससे वायदा बाजार में मंगलवार को तांबा वायदा भाव 0.35 प्रतिशत गिरावट के साथ 716.65 रुपये प्रति किलो रह गया।
Copper MCX Tips Today: Copper yesterday settled down by 1.82% at 697.8 amid concerns over demand due to Chinese power restrictions, put in place to keep emissions in check.