Copper is seen consolidating near two week highs despite a sharp slump overnight following a surge in dollar on prospects of further aggressive rate hikes by the Fed. Metals came under renewed pressure as stronger-than-expected U.S. data boosted the dollar and ramped up uncertainty over strength in the U.S. economy and offset optimism over a potential recovery in Chinese demand. COMEX Copper futures edged up in last few days on steady equities and weak US dollar, hitting a two week high. The recent slide in LME Copper inventories is also benefiting the red metal. However, the undertone is cautious as global business conditions worsened once again in the manufacturing sector in November, with the JPMorgan Global Manufacturing Purchasing Managers Index, compiled by S&P Global, falling further into contraction territory. The red metal currently quotes at $3.82 per pound, up 0.70% on the day. The metal has jumped around 9% over last one week.Powered by Commodity Insights
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