Today, the price of 1 kg copper in India has settled up by 0.5% at ₹840.65. This increase is largely attributed to China’s introduction of several easing measures aimed at bolstering its economy.

The People’s Bank of China announced a 50-basis-point cut to the reserve requirement ratio before the year-end and plans to reduce key lending rates, including the seven-day repo rate and loan prime rates.

These initiatives follow the U.S. Federal Reserve’s earlier 50 basis point rate cut, significantly enhancing global economic sentiment.

In addition to these measures, copper inventories monitored by the Shanghai Futures Exchange have fallen by 11.1%. Indicating a tightening supply situation.

However, it’s worth noting that China’s refined copper exports plunged by 56% in August. Despite being 50% higher than the same month last year. Production figures reveal a marginal year-on-year increase of 0.9%, reaching 1.12 million metric tons in August.

The global copper market is currently experiencing a surplus, with the International Copper Study Group (ICSG) reporting a 95,000 metric ton surplus in June, an increase from 63,000 metric tons in May.

Despite this, imports of unwrought copper in China have reached a 16-month low due to waning demand.

Technically, the copper market is seeing short covering, with open interest decreasing by 0.45% to 8,140 contracts as prices gained 4.2 rupees. For traders, key support levels are seen at ₹835.2, while resistance is expected at ₹845.1.

For the most reliable updates on price of 1 kg copper in India, make sure to visit Shree Metal Prices daily for current market trends and future forecasts.

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