LIVE FUTURES REPORT 27/09: Comex copper stages mild recovery in midweek session

Comex copper prices stabilised on the morning of Wednesday September 27 in the USA although prices must contend with a stronger dollar following hawkish comments from the head of the US central bank.

Copper for December settlement on the Comex division of the New York Mercantile Exchange inched up 1.00 cents or 0.3% to $2.9290 per lb. Yesterday, the contract hit a six-week low.

“We do not have any firm view on the metals group at this particular stage and expect rather range bound trading to continue,” INTL FCStone analyst Edward Meir said. “Most complexes should benefit from what is going on in China, specifically a conscious effort undertaken by the authorities to limit output across a number of metals groups.”

A speech by US Federal Open Market Committee chair Janet Yellen on Tuesday was interpreted by markets as hawkish. She noted that it would be “imprudent” to keep monetary policy on hold until inflation reaches 2%, thereby lending weight to the possibility of a US rate increase in December.

In copper data, China’s imports of refined copper rose 9.8% year on year but fell 10.1% month on month to 254,762 tonnes, while imports of copper ores and concentrates fell 0.2% year on year but rose 2.9% on the month to 1.44 million tonnes in August.

“While there remains concerns over China’s economic health in the second half of this year, the arrival of the peak period for demand will provide support for [copper] prices,” a Chinese broker said. The September-October period is traditionally the peak period for demand in China. 

In the precious metals, Comex gold for December delivery fell $14.10 or 1.1% to $1,287.40 per oz.

Currency moves and data releases

  • The dollar index was recently up 0.54 at 93.53, moving further away from recent multi-year lows.
  • In other commodities, the Texas light sweet crude oil spot price rose 0.35% to $52.06 per barrel. 
  • In data today, durable goods orders in August came in at 1.7%, above the forecast of 1.0%. Core durable goods over the same period were in line with estimates at 0.2%. Later, pending home sales and crude oil inventories are due.
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.