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Non Ferrous Scrap
Non Ferrous Scrap
Daily Report
OfBusiness
OfBusiness

OfBusiness Copper Dailies | 28th November 2023

Summary
Today's copper prices are LME $8,375/ton, SHFE 68,020 yuan/ton, and MCX Rs 718.60/kg.

Price

  • LME copper prices, yesterday, closed at $8,382/ton, down by 0.81%. Today, LME copper prices, trading at $8,375/ton, down by 0.08%.
  • The most active SHFE 2312 Copper contract, yesterday, settled at 68,230 yuan/ton.Today, SHFE 2312 copper prices, trading at 68,020 yuan/ton, down by 0.31%.
  • MCX Dec copper prices, yesterday, closed at Rs 718.85/kg, down by 0.48%. Today, MCX Nov Copper prices, trading at Rs 718.60/kg, down by 0.03%.

Demand and Supply

  • Domestic copper demand is constrained due to high prices and limited downstream procurement.
  • Chinese copper demand remains weak due to high premiums and cautious downstream consumers.
  • LME copper inventories decreased slightly to 177,800 tons, while SMM copper inventories in China rose to 58,600 tons.

News

  • Copper prices slipped due to concerns about weakening demand in China, but a softer dollar provided some support.
  • Ivanhoe Mines plans to start copper exploration in Angola, covering an area of 22,195 square kilometres.
  • Vale expands production capacity at the Salobo copper mine to 32 million tons per annum.

OFB’s Opinion

  • Copper prices are expected to remain strong in the coming week due to ongoing supply disruptions and signs of continued demand growth in China.
  • MCX Copper finds support at Rs.715.0/Kg and resistance at Rs.722.9/Kg.
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