What made Copper futures rebound today?

September 23, 2021 11:47 AM AEST | By Arpit Verma

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What made Copper futures rebound today? — Image source: Rising copper price | Source:© Krisdog | Megapixl.com

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Highlights

Copper prices climb up on Wednesday.

Evergrande decided to pay interest on a domestic bond.

Copper futures hit record highs during May 2021.

Copper prices climbed up nearly 4% on Wednesday on relief that China's Evergrande would pay interest on a domestic bond, relaxing the country's second-biggest property giant's troubles to hit the global economy. December delivery copper futures on COMEX traded 0.06% down at US$4.22 per pound as of 23 September 2021 at 11:01 AM AEST.

The futures surged significantly after touching one-month lows, earlier this week. Copper prices hit a record high level during May 2021 of US$4.9 per pound due to strong demand from the manufacturing industry and tight supplies from Chile. Cochilco, Chile’s copper commission forecasts that the global copper market will remain supply deficit of 153,000 tonnes in 2021 and a surplus of 190,000 tonnes in 2022.

Bottom Line

Copper prices climbs up on Wednesday as China's financially stressed property giant, Evergrande decided to pay interest on a domestic bond.

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