Base Metals Preview: COMEX Copper Sinks To Two Month Low

Base Metals Preview: COMEX Copper Sinks To Two Month Low

Jun 18, 2021 09:06 IST capital market

COMEX Copper fell sharply yesterday as equities slipped in Europe and the US dollar index stayed firm. The metal tanked around 4.5% to fall under 4.20 per pound - testing near two month low. MCX Copper melted by 3.34% as well to close at Rs 698 per kg. Copper fell despite mostly firm economic cues as commodities pulled back after the US Dollar index hit a two month high of 91.99. Meanwhile, the US Conference Board said its leading economic index surged up by 1.3 percent in May, matching the revised jump in April. The report said the coincident economic index climbed by 0.4% in May after rising by 0.3% in April and jumping by 1.3% in March. The lagging economic index fell by 2.2% in May after soaring by 3% in April and plunging by 4.2% in March.

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