LIVE FUTURES REPORT 26/09: Downturn in Comex copper prices continues unabated; dollar rises

Comex copper prices extended the latest rout in US morning trading on Tuesday September 26 with prices hitting a six-week low amid further technical selling.

Copper for December settlement on the Comex division of the New York Mercantile Exchange dipped 2.40 cents or 0.8% to $2.9135 per lb. Earlier, the contract hit $2.9100, the lowest since August 16.

“We view the recent weakness in LME copper as a healthy technical consolidation allowing heavy spec positioning to normalise and overbought conditions to dissipate,” Metal Bulletin analyst Boris Mikanikrezai said. “A powerful wave of ‘buy on the dips’ should follow. “

The rising geopolitical feud between the USA and North Korea is also leading to a general exit from riskier assets to ones deemed safer.

However, that has not aided the chief safe-haven asset. Comex gold for December delivery fell $7.10 or 0.5% to $1,304.40 per oz.

Currency moves and data releases 

  • The dollar index was up 0.55% to 93.11. 
  • In other commodities, the Texas light sweet crude oil spot price was down 0.84% to $51.78 per barrel. 
  • Geopolitical tensions in East Asia heightened after North Korea’s foreign minister said on Monday that US President Donald Trump’s recent remarks are a declaration of war, and that Pyongyang has the right to take countermeasures, including shooting down US planes. 
  • The economic agenda is light today with US new home data showing prices rose 5.8% in July, above the forecast of the 5.7%. 
  • In addition, US Federal Open Market Committee chairwoman Janet Yellen is due to speak at the National Assn for Business Economics annual meeting in Cleveland.

What to read next
To increase the transparency of our methodology, Fastmarkets clarifies that the quotation period of the MHP nickel payable indicator is the month of delivery, or the month M. Any data points Fastmarkets received otherwise will be normalized to the M month based on the monthly spreads of the prevailing exchange-traded Class-1 nickel reference price, or […]
'Probably miscalculated’ assumptions at Kakula mine force Ivanhoe to overhaul entire Kamoa-Kakula complex, explains CEO Marna Cloete.
Following an initial consultation with the market, Fastmarkets is proposing to:  The new specifications would be as follows, with amendments in italics: MB-CU-0002 Copper grade 1 cathode premium, ddp Midwest US, US cents/lb Quality: Grade A 99.9935% min copper cathode conforming to LME specifications BS EN 1978:2022 – Cu-CATH-1 or Grade 1 Electrolytic Copper Cathode ATSM B1115-10 Quantity: Min […]
Fastmarkets’ 2025 outlook for key raw materials and ingredients used in the production and distribution of fast-moving consumer goods.
Vale Base Metals plans to boost annual copper production to 700,000 tonnes by 2035, aiming to become a top-five global producer of nickel and copper. CEO Shaun Usmar highlights a focus on productivity, cost optimization and sustainable growth. With strong assets in Canada and Brazil, Vale is well-positioned to meet rising global demand.
Fastmarkets has corrected its fob Australia alumina index, which was published incorrectly on Monday June 2 and Tuesday June 3 due to a back-end calculation error. Fastmarkets has also corrected all the related inferred indices. On June 2 the following prices were published incorrectly: Fastmarkets’ MB-ALU-0002 Alumina index, fob Australia, was published in error as $375.59 per […]