The most-traded August mcx copper contract on the Shanghai Futures Exchange fell as much as 2.3% to 67,400 yuan ($10,397.38) a tonne, its lowest since June 23.
Metal index dips 3% as mcx copper price hits near 1-month low
On Tuesday, three-month copper on the London Metal Exchange edged up 0.3% to $9,246 a tonne by 0221 GMT, rebounding from a 2.2% drop to a four-week low in the previous session.
According to the reports, overnight, base metals broadly contracted on the back of strengthening in the US dollar, which rose to a new high since the beginning of April, and the bulk commodities were under pressure collectively.
The National Development and Reform Commission said that it would organise the subsequent batch of national reserves such as copper, aluminium and zinc, and pay close attention to the abnormal fluctuations of market prices, and the net transmission of the reserves will increase significantly compared with the first time.
Copper yesterday settled down by 2.11% at 715.45 as daily new coronavirus infections have been surging from the United States and Europe to Asia due to the spread of the Delta variant, making investors nervous about the global economic recovery.
China will strengthen commodity price monitoring and continue to release copper, aluminium, and zinc from its state reserves in batches, the National Development and Reform Commission (NDRC) said.
In a rare move aimed at cooling a rally in metal prices that has pushed up raw material costs for Chinese manufacturers, the state planner sold 20,000 tonnes of copper, 50,000 tonnes of aluminium, and 30,000 tonnes of zinc from its reserves on July 5.
China will crack down on the hoarding and speculation of commodities while ensuring supplies and prices are stable, in a move to tame price volatility seen in recent months, said China’s Ministry of Industry and Information Technology.
China’s refined copper output in June was up 2.6% year on year at 837,000 tonnes, data from the National Bureau of Statistics showed. Japan’s copper cable sales, domestic and exports, rose 3.7% in June to 52,800 tonnes on-year, the Japan Electric Wire and Cable Makers’ Association said.
- MCX Copper trading range for the day is 700.9-736.3.
- MCX Copper prices fell as daily new coronavirus infections have been surging from the United States and Europe to Asia due to the spread of the Delta variant.
- China June refined copper output up 2.6% – statistics bureau.
- Japan’s copper cable sales, domestic and exports, rose 3.7% in June to 52,800 tonnes on-year.