LIVE FUTURES REPORT 25/09: Comex copper price weakness persists into new week

Comex copper prices slid in US morning trading on Monday September 25 with technical selling remaining a strong headwind against the complex.

Copper for December settlement on the Comex division of the New York Mercantile Exchange fell 1.10 cents or 0.4% to $2.9335 per lb. The contract is trading around a five-week low.

The red metal is struggling to hold ground after erasing last month’s rally to a three-year high, while existing stocks and physical premiums indicate weak demand.

“We remain bullish for copper’s fundamentals, but prices had started to look overstretched recently so some profit-taking seemed probable, which is now unfolding,” Metal Bulletin senior analyst William Adams said. “The stock rise seen in recent weeks also suggests plentiful availability, so there should be little need for buyers to chase prices higher.”

Meanwhile in the precious metals space, Comex gold for December delivery fell $2.40 or 0.2% to $1,295.10 per oz.

Currency moves and data releases
• The dollar index was up 0.40% to 92.53.
• In other commodities, the Texas light sweet crude oil sport price was up 1.05% to $51.19 per barrel.
• The economic agenda is light today with German Ifo business climate coming in at 115.2, a miss from the 116 expectation. China’s CB leading index stood at 1.1%, above the previous reading of 1.0%.
• In addition, US Federal Open Market Committee members William Dudley, Charles Evans and Neel Kashkari as well as European Central Bank president Mario Draghi are speaking.

What to read next
Fastmarkets proposes to discontinue the converted price assessments for the following markets:
Fastmarkets has discontinued the following converted price assessments:
Fastmarkets is proposing to amend the index specifications of its 62% Fe iron ore port index to more closely reflect the chemical composition of mainstream mid-grade ores produced from Australia’s Pilbara region.
The consultation, which is open until October 28, 2022, seeks to ensure that our audited methodologies and price specifications continue to reflect the physical markets for alumina, aluminium, cobalt, copper, lithium and manganese ore, in compliance with the International Organization of Securities Commissions (IOSCO) principles for Price Reporting Agencies (PRAs). This includes all elements of our pricing process, our price specifications and publication frequency.
Fastmarkets is inviting feedback from the industry on its pricing methodology and product specifications for non-ferrous materials, as part of its announced annual methodology review process.
Fastmarkets wishes to clarify in this pricing notice its current methodological approach to Russian brands in its metals and mining pricing assessment process after Russia’s unprovoked invasion of Ukraine.
We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.