On top of 2017, copper rose by nearly 30% on an annual basis and rose to levels not seen since mid-2014, as the strikes and disturbances of mines in Chile and Indonesia, together with a better expected Chinese economy, led the charge higher.
The fundamental picture for the red metal remains somewhat attractive in relation to the recent action on prices, as there is enough primary and beyond supply and demand expectations are probably very high at the moment.
On the supply side, stocks remain plentiful in both market and non-market, while still drinking days exceed 70. In front of the mining supply, many of them copper bullsdeclare that insufficient investment in new projects will create shortages and will lead to deep deficits in the future. In addition, the situation of imports in China must support and to prevent any significant losses since the ban of imports of category 7 from China could mean higher imports of refined metal for a time period.
The larger copper prices in India have risen in the Waste Directory price index, on Thursday watched the rise of copper contracts on the Stock prices of many Funds of India which led to a weaker dollar, although worries about demand from the top China consumers a steep fall in Chinese shares limited increases.
The most active copper contract in November for the Multi Commodity Exchange of India increased by 0.13% at Rs. 448.90 per kilo on Thursday, from the previous closeof Rs. 448.30 per kilogram. The copper MCX Futures touched a high of Rs. 449.90 per kilogram and a low level of Rs. 445.85 per kilogram over Thursday.
The benchmark copper on the London Stock Exchange closed with a 0.3% Metal at $7,018 tone, after reaching the 7,021 dollars, the highest since 16 October.