Base Metals Preview: COMEX Copper Tanks As Chile Cuts Price Forecast

Base Metals Preview: COMEX Copper Tanks As Chile Cuts Price Forecast

Sep 17, 2021 08:09 IST capital market

COMEX Copper tanked more than 3% in US trades as a recent rally failed to extend amid selling pressure in the US equities. The US stocks pulled back as markets reassessed the US monetary policy dynamics in the wake of strong retail sales data. Chile, the biggest copper-producing country, has cut its annual price forecast for the metal. The Chilean governments copper commission, Cochilco, expects prices to average $4.20 a pound this year, according to a latest update. This is down from $4.30 per pound three months ago. Prices are expected to average $3.95 next year, Cochilco said. COMEX Copper fell under $4.30 per pound amid these cues. MCX Copper ended at Rs 721.80 per kg, down 1.80% on the day.

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