Copper prices rose by 0.81% to settle at ₹824.45, driven by supply concerns and stronger demand signals. Peru, the world’s second-largest copper producer, reported a 1.2% decline in September production and revised 2024 output expectations to 2.8 million tons.
The global refined copper market showed a deficit of 131,000 metric tons in September, compared to a surplus of 43,000 tons in August. China, the largest copper consumer, reported unwrought copper imports of 506,000 metric tons in October, a 1.1% increase from last year.
Refined copper production in China increased by 5.4% year-on-year to 10.04 million tons in the first nine months of 2024. The market experienced short covering, with open interest declining by 35.26% to 3,375 contracts.
