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Weekly Copper Review: COMEX Futures Ease After Hitting $4.60 Mark

Weekly Copper Review: COMEX Futures Ease After Hitting $4.60 Mark

January 15, 2022 1:12 IST | capital market
Copper soared as the US dollar plunged and global stocks stayed supported. The red metal jumped in tune with other commodities and rallied above $4.50 per pound mark. The metal hit around two and half month high mark of $4.60 per pound before easing. MCX Copper also hit above Rs 750 per kg level before correcting. The World Bank cut its global growth forecasts but the Copper market stayed happy amid tight inventories in Shanghai and London as well as a rather comforting growth outlook for leading consumer China. World Bank noted that Chinas GDP was expected to expand by 8% in 2021, about 0.5 percentage points less than previously forecast, with growth seen slowing to 5.1% in 2022 and 5.2% in 2023. Chinas imports of copper concentrate, or partially processed ore, surged to a record 23.4 million tonnes in 2021, up 7.6% from the 21.78 million tonnes imported in 2020.

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