COMEX Copper tumbled sharply yesterday as US stocks fell in intraday moves. However, the red metal cut losses today. The Organisation for Economic Cooperation and Development or OECD has raised its global economic forecast for 2020 as output picked up swiftly following the easing of confinement measures and the initial re-opening of businesses. According to the interim economic outlook report, released Wednesday, the global economy will likely contract 4.5% in 2020 instead of 6% drop fall estimated in June. This has pulled back COMEX Copper well above $3 per pound. The metal currently trades at $3.04 per pound, down 0.56% on the day. MCX Copper is trading at Rs 525.55 per kg, down 0.70% on the day but well off lows near Rs 522 per kg.
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