Copper future prices rose by 0.32% to settle at ₹855.35, supported by optimism over a potential demand recovery following China’s recent stimulus measures.

In September, China introduced several policies to boost economic growth, such as cutting interest rates, injecting liquidity into banks, and easing home purchase restrictions.

These efforts raised expectations for increased industrial activity, driving up copper demand. However, copper inventories in warehouses tracked by the SHFE rose to 141,625 tons by the end of September, marking the first rise since July, signaling weaker demand in the past few months.

Globally, the refined copper market recorded a surplus of 91,000 metric tons in July, according to the International Copper Study Group (ICSG).

This surplus was down from June’s 113,000 metric tons, but overall, the market remained in a surplus of 527,000 metric tons for the first seven months of 2024.

Additionally, China’s unwrought copper imports in August fell to a 16-month low, totaling 415,000 metric tons, down 12.3% year-on-year, driven by sluggish demand.

Technically, copper future prices are experiencing fresh buying, with open interest rising by 3.46%, reflecting renewed market interest.

Copper prices are receiving support at ₹850.4, with a potential test of ₹845.5 if downward pressure continues. On the upside, resistance is seen at ₹860.2, and a break above this level could push prices to ₹865.1.

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