Weekly Copper Review: COMEX futures lose momentum after hitting record high

Copper futures lost momentum after hitting fresh highs of $5.95 per pound. Dollar rebound is seen dampening sentiments in the red metal. Meanwhile, the International Copper Study Group (ICSG) preliminary data indicates that world copper mine production increased by about 2.7% over the first five months of 2025, with concentrate production increasing by 2.9% and solvent extraction-electrowinning (SX-EW) by 2.1 %. In the first five months of 2025, global mine production benefited from additional output from projects ramping up to capacity and an improvement in production at a number of operating mines. Preliminary data indicates that world refined copper production increased by about 3.1% during the first five months of 2025 with primary production (electrolytic and electrowinning from ores) up to 3.2% and secondary production (from scrap) up by 2.8%. MCX Copper futures hit highs above Rs 907 per kg before easing and ended the week under Rs 900 per kg.

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