(VIANEWS) – U.S. copper buyers pay the highest price for the metal because of soaring demand, logistical bottlenecks and New York futures exploding ahead of Shanghai and London contracts.
Bloomberg Quint reports that copper futures on Comex for September delivery have traded at a premium over those for December delivery from Friday. This is a condition known as backwardation, which suggests that there are tight supplies in the near term and that demand is rising. The only major exchange that has the metal in backwardation is Comex, with inventories at the warehouses monitored by Bloomberg Quint declining since April.
Copper (HG) is currently on bearish momentum. At 10:04 EST on Wednesday, 28 July, Copper (HG) is at $4.47 and 1.62% down since the last session’s close.
Today’s last reported volume for Copper is 50506, 100% below its average volume of 20484283221.21.
About Copper’s daily highs and lows, it’s 1.855% down from its trailing 24 hours low of $4.56 and 2.241% down from its trailing 24 hours high of $4.57.
Copper’s last week, last month’s, and last quarter’s current volatility was a negative 0.09%, a negative 0.06%, and a positive 1.07%, respectively.
Copper’s current volatility rank, which measures how volatile a financial asset is (variation between the lowest and highest value in a period), was 1.40% (last week), 0.88% (last month), and 1.07% (last quarter), respectively.
Commodity Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, Copper’s commodity is considered to be oversold (<=20).
Last news about Copper (HG)
Copper producers are paying the price of their covid cutbacks. According to Bloomberg Quint on Monday, 26 July, “Southern Copper Corp. missed quarterly output expectations as the world’s fifth-largest producer deals with the lingering effects of the pandemic.”
More news about Copper (HG).