LIVE FUTURES REPORT 03/10: Comex copper nudges higher during Golden Week

Comex copper prices made a modest increase this morning, Tuesday October 3, in the USA, with trading activity muted while Chinese investors are on the sidelines.

Copper for December settlement on the Comex division of the New York Mercantile Exchange gained 1.20 cents or 0.4% to $2.9675 per lb.

The red metal has been confined to a narrow range over the past few weeks with a strong dollar and building stock levels capping any upside. For now, the lack of market participants is keeping price fluctuation under control.

“Copper prices continue to consolidate having run ahead of the fundamentals, while the market pauses during the Golden Week holiday [2-8 October] and before the National People’s Congress, which starts on October 18,” Metal Bulletin analyst James Moore said.

“Overall we maintain a bullish view for copper’s fundamentals because improving demand and supply disruptions are set to tighten the supply/demand balance,” Moore added.

In the precious metals space, Comex gold for December delivery fell $1.70 or 0.1% to $1,273.90 per oz.

Currency moves and data releases

  • The dollar index was down 0.06% at 93.54, having earlier hit 93.92, which was the highest since August 17. 
  • In other commodities, the Texas light sweet crude oil spot price was 12 cents higher at $50.70 per barrel. 
  • The economic agenda is lighter today – Europe’s August producer price index rose 0.3% against a forecast 0.1% increase. 
  • Later, US Federal Open Market Committee member Jerome Powell is speaking in Washington DC, USA.
What to read next
The publication of Fastmarkets’ assessments for nickel 4x4 cathode, nickel briquette and nickel uncut cathode premiums in-whs Rotterdam was delayed on Tuesday July 16 because of a reporter error.
Fastmarkets has corrected its alumina index inferred prices, which were published incorrectly on Tuesday July 15.
The United States' copper recycling industry is ramping up pressure on policymakers to impose some form of export controls on high-purity copper scrap, arguing that current trade dynamics – particularly with China – are distorting prices, weakening domestic capacity and undermining national security goals.
Fastmarkets launched two new price assessments for Indonesia’s domestic trade in nickel ore on Tuesday July 15. The two price assessments are for domestic trades of Indonesian laterite ores with 1.6% and 1.2% nickel content. Indonesia now accounts for 60% of the global nickel supplies and while there is an official government reference price, known […]
US copper scrap market participants are shifting from COMEX to LME pricing in response to extreme price volatility and a new 50% copper import tariff. The change is influencing discount formulas, export strategies and long-term trading dynamics across the sector.
The proposal follows preliminary discussions with the market and internal analysis of price usage, which suggests low market liquidity and a lack of demand. Specifically, Fastmarkets is proposing to discontinue: MB-CU-0410 Copper rod premium, ddp Midwest US, US cents/lbQuality: Purity of 99.95-99.99%. Thicknesses of 8 millimeters or 0.3125 inchesQuantity: Min 25,000 poundsLocation: Delivered US MidwestUnit: US […]