Weekly Copper Review: COMEX Futures Consoldiate

COMEX Copper consolidated just under its eight month high of 2.86 per pound amid supportive equities. MCX Copper futures managed to break under Rs 450 per kg but faced persistent selling pressure thereafter. Chinese copper demand figures were optimistic as well. Chinas imports of copper concentrate rose 11.6% in 2019, according to data from the General Administration of Customs released on Tuesday. In December, China imported 1.93 million mt of copper concentrate, down from an all-time high of 2.16 million mt in November, but up 31.8% from the same month 2018. Chinas imports of unwrought copper and copper products rose to 527,000 mt last month, from 483,000 mt in November. Chinas unwrought copper imports rose 9.1% in December from the previous month to their highest since March 2016. However, the total unwrought imports for 2019 came in at 4.98 million mt, down 6%.