Copper gains as Beijing issuing supporting measures to revive a property market.

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  • Commodities News
Copper gains as Beijing issuing supporting measures to revive a property market.
Credit: © Reuters.

Copper posted a modest gain of 0.08%, settling at 732.7, with support stemming from Beijing's measures to rejuvenate the troubled property market. Notably, property developer Country Garden received creditor approval to extend repayment on six onshore bonds by three years, providing a boost to copper . China's copper cathode production in August exceeded expectations, with a 6.8% monthly increase and a 15.5% year-on-year growth. Year-to-date, copper output reached 7.47 million metric tons, up by 11.52% compared to the previous year, with minimal smelter maintenance in August. 

Major Chinese copper markets held 95,100 metric tons, down 5,400 metric tons from the previous week but up 5,300 metric tons year-on-year. Over the weekend, copper inventories in Shanghai decreased by 3,800 metric tons to 71,300 metric tons, while inventories in Guangdong dropped by 2,800 metric tons to 9,500 metric tons. In Jiangsu, copper inventories increased by 1,000 metric tons to 6,000 metric tons, and Chengdu saw a rise of 200 metric tons to 800 metric tons. Shanghai and Guangdong witnessed lower shipment arrivals, while downstream stockpiling increased amidst falling copper prices. 

From a technical standpoint, the copper market experienced short covering, with a -4.83% drop in open interest to 4,985, while prices increased by 0.6 rupees. Copper's support level is at 730.1, with a potential testing of 727.3 if breached, and resistance is expected at 735.7, with a potential testing of 738.5 upon breaking this level.

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