LIVE FUTURES REPORT 12/10: Comex copper hits 1-mth high

Comex copper prices rose for the fourth consecutive session today, Wednesday October 12, with investor appetite continuing since China returned to the market Monday after the Golden Week holiday.

Copper for December settlement on the Comex division of the New York Mercantile Exchange rose 2.35 cents or 0.8% to $3.1190 per lb. Earlier on today, the contract touched $3.1205, its highest since September 8.

Since investors returned from an extended holiday weekend on Tuesday, red metal prices have experienced sustained buying. Another contributing factor was Chinese market participants’ growing optimism before the Communist party convenes for their five-year planning meeting in Beijing.

“The stock rise and wider spreads of late, also suggest plentiful availability so there should be little need for buyers to chase prices higher, although they seem to be doing so anyway,” Metal Bulletin’s senior analyst William Adams said.

“China has returned from its week-long holiday and prices have been buoyant, we wait to see whether Shanghai Futures Exchange copper stocks continue to fall at a fast pace,” Adams added.

In the precious metals space, Comex gold for December delivery rose $6.90 or 0.5% to $1,295.80 per oz.

Currency moves and data releases

  • The dollar index was up 0.17% to 93.11.
  • In other commodities, the Texas light sweet crude oil spot price was down 1.85% to $50.35 per barrel. 
  • In data today, weekly unemployment claims were at 243,000, 8,000 below the forecast of 251,000. PPI and Core PPI in September both came in at 0.4%.
  • European Central Bank president Mario Draghi and US Federal Open Market Committee members Lael Brainard and Jerome Powell will be speaking later.
What to read next
Fastmarkets has launched MB-AL-0424 Aluminium P1020A premium, fob Indonesia, $/tonne on July 9 due to an expected increase in Indonesia-origin aluminium exports. MB-AL-0424 Aluminium P1020A premium, fob Indonesia, $/tonneQuality: P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) in line with LME specifications. Ingot, T-bar, sowQuantity: Min 500 tonnesLocation: FOB IndonesiaTiming: […]
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.