Copper Approaches One Week High, MCX Futures Up 1%

Copper Approaches One Week High, MCX Futures Up 1%

Jul 22, 2021 07:07 IST capital market

COMEX Copper futures moved up impressively today, hitting one week high of $4.34 per pound amid supportive global equities. Copper continues to see bargain buying with broad sentiments still being driven by movements in risky assets. ADB noted in a latest update earlier this week that economic activity in China expanded by 18.3% in Q1 2021 from a low base last year. Value added by industry in the first 5 months of 2021 reversed 2.8% contraction a year earlier with 17.8% expansion. As external support wanes with export growth moderating in the second half of 2021, fiscal policy is expected to safeguard a smooth transition to growth at a more sustainable rate in 2022. ADB kept Chinese GDP growth forecasts unchanged at 8.1% in 2021 and 5.5% in 2022. Copper saw decent support coming in following this update. While some moderation has emerged in the metal after a quick upmove in European trades, overall mood is steady and COMEX Copper currently trades up 1% at $4.31 per pound. MCX Copper futures are trading at Rs 731.50 per kg, up 0.95% on the day.

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