Copper futures eased today, coming off their four months highs as markets eyed China data. The metal has soared recently amid sustained weakness in greenback and positive cues from equities. The major averages on Wall Street gave back ground after an early advance but remained in positive territory. However, China’s imports of unwrought copper and copper products dropped 2.51% to 427,000 metric tons in November from 438,000 tons the previous month, the data from the General Administration of Customs showed.
This weighed on the commodity and COMEX Copper futures are currently trading at $5.43 per pound, down 0.41% on the day. MCX Copper futures are trading at Rs 1097.90 per kg, up 0.42% on the day amid sustained losses for Indian Rupee which fell above 90 per US dollar mark to approach record lows. Meanwhile, overall Chinese Copper imports trend is steady.
For the year through November, China imported 4.88 million tons of copper, down from 5.12 million in the corresponding period in 2024, according to the official data. However, Copper concentrate imports, which go into smelters, stood at 2.53 million tons in November, up from 2.45 million a month earlier. From January to November, China imported 27.61 million tons of copper concentrate, up from 25.57 million in the corresponding period last year.