Base Metals Preview: COMEX Copper Sees Hefty Losses To Test One Week Low

Base Metals Preview: COMEX Copper Sees Hefty Losses To Test One Week Low

Oct 22, 2021 09:10 IST capital market

COMEX Copper tanked yet again on weak equities and rising output trends to test one week low. Weakness in DOW pulled the metal down near 4% as it fell near a one week low near $4.50 per pound. The metal had seen a recovery in previous session but it proved short lived as the selling spree that had gripped the market after the slide from five month continued. Asian stocks stayed under pressure as concerns about the Chinese property sector returned. Chinese Shanghai Composite Index added 0.22% while Hong Kongs Hang Seng index eased 0.45%. Japanese Nikkei index tanked 1.87% ahead of a general election. European stocks slipped with indices in France and UK shedding around half a percent. MCX Copper futures lost 3.65% to end at Rs 765 per kg. Meanwhile, the International Copper Study Group (ICSG) stated that preliminary data indicates world copper mine production increased by 3.6% over the first seven months of 2021, with concentrate production increasing by around 5.5% and solvent extraction-electrowinning (SX-EW) declining by about 4.3%.

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