LIVE FUTURES REPORT 13/02: Comex copper price stagnant, lacking fresh drivers

A lack of fresh drivers kept US copper futures steady in Wednesday morning trading.

The copper price for March settlement on the Comex division of the New York Mercantile Exchange was flat at $2.7720 per lb.

The focus of market participants – and the main driver of direction – remains the US-Chinese trade talks.

“We expect further upside in copper prices over the next month due to a stronger macro sentiment, which should prompt a normalization in copper’s positioning,” Fastmarkets MB analyst Boris Mikanikrezai said.

In precious metals, the Comex price of gold for April slipped 40 cents or 0.1% lower to $1,313.60 per oz. Trade has ranged narrowly from $1,311.10 to $1,317.60 so far today.

Currency moves and data releases

  • The dollar index was up by 0.23% at 96.97.
  • In other commodities, the Texas light sweet crude oil spot price was up by 0.98% at $53.62 per barrel.
  • In data on Tuesday, US job openings increased by 169,000 to a seasonally adjusted 7.3 million in December 2018, according to the Labor Department’s monthly job openings and labor turnover survey (Jolts). That is the highest reading since the series started in 2000.
  • Today, the US CPI was unchanged while core CPI was up by 0.2% gain. Later, crude oil inventories are due for release.

What to read next
Germany-based copper recycling and non-ferrous metal provider Aurubis has started commissioning their secondary smelter in Augusta, Georgia, and could eventually introduce black mass recycling to the facility
Base metals on the London Metal Exchange were mixed in morning trading on Monday June 10, with three-month prices lacking direction amid thin traded volumes due a public holiday in China, the largest market for base metals
Copper concentrate treatment and refining charges have repeatedly fallen to record-low levels over the first five months of 2024
The publication of Fastmarkets’ assessments for the nickel briquette premium, delivered Midwest US and the nickel 4x4 cathode premium, delivered Midwest US for June 4 were delayed because of incorrect methodology application.
Trading in the spot copper concentrate market in Asia was sluggish in the week to Friday May 31, with smelters not actively looking for spot units, sources said
To reach the International Energy Agency’s (IEA) net zero by 2050 goals, the North American aluminium industry needs around $60 billion in private and public investment, according to a May 29 report by the Aluminum Association and the environmental consulting firm ICF