Comodity Market: Today’s Latest Update Copper Prices Rise Nearly 20% in One Month

In the past one month in commodities Copper stood out, as prices of the base metal surged nearly 20 % on hopes of improving demand from top consumer China and a steady decline in stocks at warehouses.

On the previous month October 17, price is Rs 311 a kg but now the Multi Commodity Exchange (MCX) prices of the commodity jumped from Rs 311 a kg to Rs 368.70 a kg. However, market experts expect the rally is now overdone and there could be some improvement by mid-December.

And the most unexpected thing was that the metal moved 7 % high in the global markets in a matter of just three days on Nov 8-10 although the surprise victory for Donald Trump in the US presidential election. On the other hand, on MCX, copper prices surged 10 % to Rs 373.60 on Nov 11 from Rs 339.75 on Nov 8.

The latest information from the ICSG showed refined copper balance for the first 7 months of 2016 (January-July 2016) indicated a production deficit of around 264,000 tonnes. On behalf of July, 2016, the global refined copper market showed a 1, 33,000 tonnes surplus in July wherein refined copper output stood at 1.98 million tonnes in July and consumption at 1.85 million tonnes.

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