Base Metals Preview: COMEX Copper Cuts Losses As DOW Hits Record High

Base Metals Preview: COMEX Copper Cuts Losses As DOW Hits Record High

Oct 21, 2021 09:10 IST capital market

COMEX Copper futures bounced amid supportive US economic cues and a strong outing for equities. The US stocks hit near record highs as good buying stayed in place amid broad dollar weakness and steady economic cues. COMEX Copper cut losses following this after losing more than 1% in intraday moves. The metal rose around 1% in US session and currently trades slightly up at $4.74 per pound. MCX Copper ended up marginally at Rs 793.75 per kg on firm global cues. The US economy has recently grown at a modest to moderate rate, according to the Federal Reserves Beige Book, although the pace of growth has slowed. The Beige Book attributed the slowdown to supply chain disruptions, labor shortages, and uncertainty around the Delta variant of COVID-19. Meanwhile, China maintained its benchmark loan prime rates for the 18th consecutive month. The one-year loan prime rate was kept unchanged at 3.85% and the five-year LPR at 4.65%. The one-year and five-year loan prime rates were last lowered in April 2020. The one-year loan prime rate was cut by 20 basis points and five-year rate by 10 basis points in April 2020.

Powered by Commodity Insights

Related Story

Open Free Demat Account (Rs699)
Open ZERO Brokerage Demat Account

  • 0

    Delivery Brokerage for Lifetime

  • 20

    Per order for Intraday, F&O, Currency & Commodity