COMEX Copper futures scaled up fresh ten month highs today as a recent break above $5 per pound mark continued to extend. The metal currently trades at $5.17 per pound, up 1.23% on the day amid tight global supply-demand scenario. According to a latest update from the ICSG, world apparent refined copper usage and production both grew by about 1% in January 2025. In January 2025, the world refined copper balance, based on Chinese apparent usage (excluding changes in bonded/unreported stocks), indicated a preliminary deficit of about 19,000 tonnes. This compares with a deficit of about 24,000 tonnes in January 2024. On the MCX, the benchmark Copper futures spiked around 1% to trade at Rs 911.50 per kg.

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