Copper Prices Ended With Losses

Copper prices ended with losses but prices recovered most of its losses after update Refco’s Alistair Munro said Freeport’s workers extended the strike at the Grasberg mine. Nearly 2,000 workers blocked the road to Mantos Copper’s Mantos Blancos and Manto Verde mines in Chile.

Global refined copper production is estimated to have remained essentially unchanged in the first two months of this year with primary production (electrolytic and electrowinning) declining by 3% and secondary production (from scrap) increasing by 11%, according to the latest figures from International Copper Study Group (ICSG). Increased availability of scrap allowed world secondary refined production to increase, notably in China.

The main contributor to growth in world refined production was China (increase of 4%) followed by Mexico (14%) where expanded SX-EW capacity contributed to refined production growth. However, overall growth was partially offset by a 16% decline in Chile, the second world leading refined copper producer, where both primary electrolytic refined production and electrowinning production declined.

In the week, traded TCs for imported copper concentrates remained at upward territory, up to $83 per tonne, in response to ample supply. Traders gave offers at $80-86 per tonne as of June 2, with some offers up to as high as $85 per tonne. Chilean government data showed Tuesday the country’s copper production slid 1.8% year-on-year in April due mainly to strike at the Escondida copper mine.

Chilean copper output was 429,241 tonnes in April, compared to 436,902 tonnes in the same period of last year. Technically market is under fresh selling as market has witnessed gain in open interest by 1.81% to settled at 15792, now Copper is getting support at 362.5 and below same could see a test of 358 level, And resistance is now likely to be seen at 369.6, a move above could see prices testing 372.2.

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Suhani Verma

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