Copper prices increased by 0.91% to close at 739.3, supported by strong demand and mounting worries over supply interruptions. The optimism was bolstered by industrial profit improvements in China, the world’s largest metals user, as well as hopes of Chinese economic policy support amidst concerns about supply interruptions owing to Red Sea shipping restrictions.
The worldwide refined copper market reported a 53,000 metric tons shortfall in October, which is a modest decrease from a 56,000 metric tons deficit in September, according to the International Copper Study Group (ICSG). The strong demand and mounting worries about supply interruptions caused copper prices to rise by 0.91%, ultimately finishing at 739.3.
Positive attitude was further reinforced by hopes of Chinese economic policy support amid concerns of supply delays owing to shipping restrictions in the Red Sea, as well as industrial profit growth in China, the world’s largest consumer of metals. The global market for refined copper reported a 53,000 metric ton shortfall in October, down from a 56,000 metric ton deficit in September, according to the International Copper Study Group (ICSG).
As open interest increased by 1.87% to settle at 5,128 points, the market appears to be seeing new buyers. The resistance level for copper is probably at 742, and support is at 734.8, with a test of 730.3 possible. 744.7 testing might follow a breakthrough.
