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Weekly Copper Review: COMEX Futures Tanks To Five Week Low

Weekly Copper Review: COMEX Futures Tanks To Five Week Low

January 29, 2022 1:03 IST | capital market
COMEX Copper slumped in the week gone by, not being able to hold onto recent gains as cautious trading in equities hurt the red metal. The US dollar index spiked to a fresh 18 month high above 97 mark, keeping commodities under stress. COMEX Copper futures saw accelerated losses after breaking under $4.40 per pound mark and fell to a five week low near $4.30 per pound mark. Heavy selling pressure in major mining stocks and profit booking ahead of Chinas New Year public holiday next week played a part in accelerating the slide in Copper. MCX Copper futures tanked after failing to stay supported above Rs 750 per kg mark.

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