COMEX copper futures moved 9.57% higher in Q2 and were 12.85% higher over the first half of 2024. Nearby COMEX futures settled at $4.3905 per pound at the end of Q2 after trading to nearly $5.20 per pound during the second quarter. Three-month LME copper forwards moved 8.26% higher in Q2 and were 12.15% over the first half of this year. The LME forwards were at $9,599 per ton at the end of June.
Meanwhile, copper forwards and futures have declined since the end of Q2 and are threatening to challenge the $4 per pound level on the COMEX futures. While the trend is always your best friend in markets across all asset classes, and the path of least resistance since May is bearish, the long-term trend remains bullish, suggesting the red metal will find a bottom sooner rather than later. The U.S. Copper ETF product (CPER) tracks the nonferrous metal’s price action.
