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Copper closed 0.38% higher at 734.75, boosted by hopes of fresh measures from China to stabilise its economy and stock markets. However, gains were limited by low demand. The recent liquidation order for debt-laden developer China Evergrande heightened fears about China's real estate sector's slump, affecting investor confidence. Despite these obstacles, concerns about supply disruptions at mines helped to prop up copper prices, leading them to reassess their projections for the current year from surpluses to deficits. Since early December, the Yangshan premium, a measure of Chinese demand for imported copper, has fallen by half, demonstrating China's declining appetite for the metal.
The ongoing concerns over long-term supply failing to meet the demands of copper's crucial role in electrification further supported prices. The International Copper Study Group (ICSG) reported a 119,000 metric tonnes (MT) deficit in the global refined copper market for November, a significant increase from the 48,000 MT deficit in October. November's world refined copper output was 2.26 million metric tonnes (MMT), while consumption reached 2.38 MMT. When accounting for changes in inventory in Chinese bonded warehouses, there was a 128,000 MT deficit in November, up from a 70,000 MT deficit in October, as per the ICSG's monthly bulletin.
From a technical standpoint, the copper market is witnessing fresh buying, with a 1.06% increase in open interest, settling at 4692. Prices have risen by ₹2.8. Copper finds support at 731.5, with the potential for a test of 728.2 levels on the downside. On the upside, resistance is expected at 736.6, and a breakthrough could lead to a test of 738.4 levels.
Also Read : Asian buyers profit from record discounts for near-term LME copper British Steel auditor quits in fresh blow for Chinese-owned industrial giant
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