Copper Prices

India's copper demand grew by 13 per cent annually to hit 1,700 kilo tonnes in FY24, driven by the rapid pace of infrastructure development and building constructions, the International Copper Association India said on Monday. Traditionally, building construction and infrastructure account for 43 per cent of copper demand while contributing 11 per cent to GDP, International Copper Association India said in a statement. As per the study undertaken by the International Copper Association India, the copper demand in the country witnessed a 13 per cent year-on-year growth in FY24, reaching 1,700 kilo tonnes (kt). This surge is attributed to overall economic expansion. After the Covid pandemic, the average annual copper demand increased by 21 per cent between FY21 and FY24, the industry body said. It further said that the demand for the commodity will continue to rise in the next financial year as well, fuelled by rapidly growing infrastructure and building construction sectors in the .

Adani-controlled Kutch Copper is reportedly in talks with Australian mining giant BHP for a deal involving up to 1.6 mtpa of copper concentrate, potentially worth Rs 30,000 crore annually

Buy MCX July Crude Oil futures at Rs 6,950-7,000 with a stop loss of Rs 6,860 and a price target of Rs 7,250

On the daily chart, MCX Copper has been unable to sustain the breakout of its rising channel pattern and has moved down, forming a lower high, lower low pattern, indicating bearish sentiment

Apart from hedging and price hikes, companies have also had to resort to stocking up on inventory

Commodity trading: Copper prices have dropped 7 per cent since Monday's record high, with a significant intraday drop due to profit-taking

The surge in the metal index, analysts believe, is largely credited to Vedanta's robust Q4 performance and its first interim dividend declaration of Rs 11 for FY25

Brent crude strategy: Brent oil prices are expected to range between $75 to $90 per barrel,

Crude oil prices rose by 0.5 per cent to $78.48 on Monday amid volatility tied to hopes for an end to the Gaza conflict.

The run-up in the stock prices of metal companies, analysts said, has largely been driven by tighter supplies in the global markets, coupled with hopes of improving demand, especially in China

Copper futures topped the $10,000-mark for the first time in 2 years, Aluminium futures quoted at 2-year highs earlier this month; here are the key levels to watch out.

Adani's Kutch Copper on Thursday announced the start of operations at its Mundra unit with its first dispatch of copper cathodes

Three-month copper on the London Metal Exchange was trading around $7,363 a tonne on Wednesday having declined more than 30% on growing recession fears since scaling a record peak of $10,845 in March

Copper has given up 30% since touching a record peak in March but has largely held in a range between $7,200 and $8,000 since the end of August

The BSE Metal index was the top performer, up 1.4 per cent; Major metal and mining related shares gained 1-2 per cent each in intra-day trades on Friday.

Benchmark aluminium on the London Metal Exchange was up 1.6% to $2,271 a tonne, while copper was 2.5% higher at $7,811 by 1600 GMT

Benchmark copper on the London Metal Exchange (LME) was down 3.5% at $7,875 a tonne by 1603 GMT, having touched its lowest since Aug. 8 at $7,846.

Three month copper on the London Metal Exchange gained 1.3% to $8,089 a tonne by 1630 GMT, the highest since July 1, after earlier easing to $7,889

A weaker U.S. dollar in recent days has also helped metals, which are priced in the greenback, by making them cheaper for buyers with other currencies.

Rising US interest rates have pushed the dollar to its strongest in two decades, making dollar-priced metals costlier for non-US buyers and potentially dampening demand