Copper Futures Today, May 15, 2024
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
Latest Copper Futures Updates May 2024
Copper futures in New York experienced a notable surge, rising up to 5.5%, influenced by a significant short squeeze. This drove the most actively traded July contract to peak at $5.026 per pound on Tuesday, nearing the historical high of $5.0395 from March 2022. Michael Cuoco from StoneX Group noted that those holding short futures and spreads were under pressure. This situation highlighted the July contract specifically, which traded substantially above the benchmark prices, such as those on the London Metal Exchange, and led to a rare backwardation in the market, with the July contract pricing 29.25 cents per pound higher than the September one. This anomaly caused shifts in copper shipments towards the U.S. market. Despite global market fluctuations, including declines in Chinese stocks and concerns about U.S.-China trade tensions, the copper price rally continued, driven by strong speculative interest and insufficient physical buying, which didn’t meet seasonal expectations. Copper Tube Mills responded by raising prices 5-8%, effective the following day. Copper demand remains robust, anticipated to grow further as some mines reduce output.
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**This article has been generated with the help of AI Technology. It has been modified from the original draft for accuracy and compliance.
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