MCX Copper Tips Today: Copper yesterday settled down by 1.78% at 665.6 as pressure seen as the global world refined copper market showed a 24,000 tonnes surplus in December, compared with a 93,000 tonnes deficit in November, the International Copper Study Group (ICSG) said in its latest monthly bulletin.
For the first 12 months of the year, the market was in a 559,000 tonnes deficit compared with a 383,000 tonnes deficit in the same period a year earlier, the ICSG said.
MCX Copper Target price today is 668—672.
Pressure saw amid a high level of inventories in global exchange warehouses and falling premiums in top consumer China raised demand concerns. Inventories of copper in warehouses tracked by ShFE hit their highest since September of 187,372 tonnes by the end of last week, the latest data showed.
Why are scrap copper prices so low?
The Yangshan copper premium dipped to $65.50 a tonne, its lowest since Jan. 13, indicating weakening demand for imported copper into top consumer China. However downside seen limited supported by the Biden administration’s economic development plan, which was said to be as high as $3 trillion.
- For the first 12 months of the year, the market was in a 559,000 tonnes deficit compared with a 383,000 tonnes deficit.
- MCX Copper Target price today is 668—672.
- Copper prices dropped as pressure seen as Copper market in 24,000 tonnes surplus in Dec 2020 – ICSG.
- However downside seen limited supported by the Biden administration’s economic development plan, which was said to be as high as $3 trillion.
China’s imports of copper metal and tin ore from Myanmar both fell more than 25% year-on-year in the first two months of 2021, customs data showed, shedding some light on trade flows amid a state of emergency in the Southeast Asian country.