Base Metals Preview: COMEX Copper Slides Around One Week Low

Base Metals Preview: COMEX Copper Slides Around One Week Low

Sep 20, 2021 12:09 IST capital market

COMEX Copper futures stayed slipper on Friday, sliding in tune with the US equities and ending down 1% at a one week low of $4.24 per pound. The US stocks stayed under pressure on Friday with the DOW sliding around half a percent. Chile, the biggest copper-producing country, has cut its annual price forecast for the metal. The overall sentiments remained lax despite mixed economic cues. The MCX Copper futures ended at Rs 722.50 per kg, almost unchanged on the day in last session and should see a tepid opening.

Consumer sentiment in the US has seen a modest improvement in September after falling sharply in August, according to a preliminary report released by the University of Michigan on Friday. The report said the consumer sentiment index edged up by 71.0 in September from 70.3 in August. Eurozones construction output gained 0.1% month-on-month in July, after a 0.6% decrease in June, data from Eurostat showed on Friday. Production in building construction increased 0.4% monthly in July, while output in civil engineering declined 1.7%. On a year-on-year basis, the construction output gained 3.3% in July, after a 4.1% growth in the prior month

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